2013 could be your lucky year for buying Vero Beach real estate. People who are either buying their first home or are moving up to a more expensive home are likely buying at a historically opportune moment.
Two Markets Governing Buying Vero Beach Real Estate
1) The housing market and 2) The bond market.
The housing market's effect is obvious. If homes have increased significantly prior to purchasing a home, it's likely that future housing price gains won't be as great. But, if homes have dropped significantly in price, it stands to reason they will increase in the coming years.
The bond market impacts interest rates. Houses really have two price tags. One is the cost of the home itself and the other the cost of borrowing to buy that house. Obviously, the higher the interest rate, the more interest one will have to pay over the life of the loan.
It just so happens that right now, both of these price tags are marked as "Reduced!"
Vero Beach real estate prices plummeted from 2006 until 2010. They haven't gone up much since 2010 until recently when home prices have begun to move higher.
Mortgage rates dropped like a rock after the financial crisis of 2007 and 2008 and remain near all-time lows.
So, when historically low home prices meet historically low mortgage rates – what do you get? You get a very affordable home, and a great time for buying Vero Beach real estate.
People should make the decision to purchase a home based on how they want to live their lives rather than as a purely investment-driven decision. But when the economics match up with one's life – it's a great opportunity!
If you need help deciding whether '13 could be your lucky year for buying Vero Beach real estate, contact us for a free, no-obligation consultation on buying Vero Beach real estate, and whether the time is right for you and your family.
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