It’s a Great Time to Buy a Home in Melbourne Beach, FL!
Posted on: December 5, 2011
Real Estate in Melbourne Beach, FL
Are you looking for a vacation home, an investment property, or maybe you are considering making the jump from renting to buying? According to The Wall Street Journal’s third-quarter survey, now is the time to buy! The WSJ recently reported that the monthly cost of owning a home is more affordable now than in the past 15 years. Owning a home is also less expensive than renting in many areas of our country.
Analysts explain that low home prices, along with low mortgage rates at 4 percent or less, have created a very appealing buyers market. Further, today’s buyers have a 77 percent increase in their buying power compared to the year of 1991. Twenty years ago, a mortgage payment of $1,700 allowed for a $200,000 mortgage, compared to today’s figures which would allow a buyer to get a $350,000 loan for the same mortgage payment.
Combined, the low interest rates and low home prices make the monthly cost of owning a home cheaper than renting in 12 of the metro areas studied by the WSJ. Monthly mortgage payments on the median-priced home (including taxes and insurance) were found to be lower than the average price of rent in these 12 metro areas, four of which are in Florida: Jacksonville, Miami, Orlando, and Tampa-St. Pete. Looking ahead, apartment rents are expected to rise 4% this year, and even higher next year, according to the WSJ report.
In our local towns of Melbourne Beach, Indialantic, Indian Harbour Beach, Satellite Beach, Suntree and Viera, where the monthly cost of renting a home easily exceeds $2000 per month, there is an obvious advantage to owning. Right now, there are no shortages of beautiful homes on the market that will allow you to afford more square footage, more luxuries, and more overall home for your money than you could if you were renting. Even if you are just a seasonal visitor to the area, the advantage of owning a home far exceeds renting for the season.
Take a look at the available properties in beautiful Brevard County, Florida, and feel free to contact me, Carolyn Smith, if you would like to discuss renting vs owning:
Start your dream home search right here: Carolyn Smith Realtor Website
Whether you are buying or selling, it would be my pleasure to represent you!
Please call or email me today to review your real estate needs!
Contact me, Carolyn Smith at:
Phone: 321.271.0870
Email: CarolynSmithRealtor@gmail.com
SRES – Accredited Seniors Real Estate Specialist
CDPE – Certified Distressed Property Expert
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