- The Naples Florida housing market remains strong during the holiday season, with record growth in sales prices coupled with a low inventory.
There are many reasons to buy now, here are a few:
- Rents are rising at a much faster pace than listing prices, and in most areas it is cheaper to rent than own.
- Home prices are projected to rise 5-6% in 2016 according to the Florida Realtors recent poll. Increasing prices mean a higher mortgage payment, as in the next point below:
- Interest rates are still at historic lows but are projected to rise in 2016. Even with an increase of 50 basis points (4.05% to 4.55%) monthly payments will average 6% higher. That can effect loan eligibility which is based upon income to debt ratio.
- There is less competition for properties during the holidays: fewer buyers and many will not buy within a few months, but within the coming year.
- Sellers that have their homes for sale during the holidays are also serious and are motivated.
- If you can close by December 31st, you can add tax savings by deducting home purchase costs, property tax and points, while you build equity.