Real Estate

3 Signs To Know You’re Ready To Buy A House In Central Florida

Whether you are a first-time home buyer or are looking to downsize or upgrade your home in Central Florida, talk of a potential recession and rising inflation may have you wondering whether now is the best time to move.

The cost of goods and services has gone up in every category, and if you’re home shopping in a major city such as Orlando, you might face sticker shock. According to Zillow, the average home value is up 3.7 percent from a year ago in Orlando, at a little more than $367,000. However, Zillow also reports that 60 percent of homes are selling for under the list price, meaning that buyers may score a deal on their dream home in the end.

When deciding the best time to buy a home, you’ll want to weigh more than market conditions. Other factors, such as your finances, and reasons for moving, can help you make an informed decision. These are three signs that it might be time to buy a house in Central Florida.

You Want To Put Down Roots

As a renter, you may be committing to a year lease at most, but when you buy a home, to make it financially worthwhile, you’ll probably want to stay five years or even longer. Unless you are purchasing an investment property, or a second home, one indication that you’re ready to buy is that you know you want to stay in Central Florida long-term. An established community, a steady job, and family are all strong reasons that it might be time to buy and create a place that’s your own.

You Have The Means To Buy And Pay For A Home’s Upkeep

While renting may seem like throwing away money every month, the upfront costs of buying require significant financial resources. Aside from a mortgage down payment, utility bills, repairs, and furnishings will all need to be budgeted for. With rising inflation, it’s wise to create even more of a cushion. If you’re feeling financially stable to take on all of these costs, then you may be well-prepared to buy.

You Need To Move Urgently, Or The Market Is In Your Favor

The reasons for buying a home are endless: a new job, to be closer to family, to downsize, to upgrade, or to have a better quality of life are just a few of them. Some of those reasons may be more urgent than others, and if you have to move right away such as for a new job, then you’ll want to forge ahead with a professional real estate agent at your side. However, if you have more flexibility about when you can move, then you may want to wait for the market to be in your favor. According to a recent poll of real estate experts at HomeLight, in the South Atlantic region (which includes Florida), 41 percent of agents reported a sellers’ market, suggesting that buyers may want to wait.

The decision of whether to buy a house is a personal one, but considering some of the universal signs that it’s time to make a move can help you move forward with the process.