Given the never-boring United States residential real estate market of the past few years, it’s understandable if potential ICI Homes customers might consider pausing on the purchase of a new custom Florida home.
But it’s equally important to consider why pausing might not be the wisest strategy in the long run. Here are four reasons why it’s a good idea not to wait to buy a new custom Florida home.
You’ve done your homework
You have minimal or no debt, and the financial resources you need to make a solid down payment on a new home (the industry standard is 20 percent of your total purchase price).
You’ve researched future monthly mortgage payments, possible HOA fees and homeowners insurance and know they won’t sap your monthly budget. You haven’t ransacked your savings account for a down payment, so there’s still a savings cushion for future unexpected expenses.
In other words, you’re in solid shape as a prospective buyer. This gives you the freedom to buy a new custom Florida home despite fluctuating conditions in today’s residential real estate market.
You can’t control interest rates
They go up and down at the whim of the U.S. Federal Reserve, which uses them to influence and support important economic conditions. They’ve been climbing for a while now and have some buyers temporarily tapping out of the market.
But if you’re in solid financial shape, you won’t have to wait for interest rates to drop a few percentage points to feel comfortable buying your new custom Florida home.
You’ll be able to buy when the time is right for you.
You can’t control home prices
When interest rates dip, home prices tend to rise because of (A) more buyer demand and (B) the longterm U.S. housing shortage that has builders like ICI Homes working hard to eradicate it.
Along with being in solid financial shape, a readiness to buy means establishing a comfortable price range, plus knowing how much or how little you’ll expand it. You can control that.
You can control your response
Have a career opportunity or a personal or family situation that requires moving despite today’s common market concerns? If you’re done your financial homework, you likely can dismiss them and buy a new custom Florida home when the timing makes sense for you.
You begin building equity in your most important fixed asset rather than debating timing, prices and interest rates. And if rates do drop, you can refinance your mortgage for possible substantial savings on the remainder of it.
Have financial homework you need to do first? No problem. Use your time on the home-buying sidelines to dropkick debt from any source and begin saving for that down payment.
Ready for your new custom Florida home? Talk to us here.