Should You Wait To Buy A Home? 2 Reasons Why Waiting To Buy A Home In Brevard County Could Cost You

Dated: November 3 2021

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Should You Wait To Buy A Home? 2 Reasons Why Waiting To Buy A Home In Brevard County Could Cost You

If you're one of those buyers who worries they've missed out on getting a great deal on their home, rest assured that today's real estate market is still worth taking advantage of. Over the past year, the real estate market in Brevard County (and Florida as a whole!) has boomed. And while many buyers are holding out for a market adjustment or a lower mortgage rate, they might be watching a golden window of opportunity pass them by. 

Becoming a homeowner is one of the best financial decisions you can make. If you're thinking about your options right now, this market may have you wondering whether you should wait. But will waiting to buy a home make sense for your situation? In this blog, we're looking at this question and providing two reasons why waiting to buy a home could end up costing you.

Record Low Mortgage Rates

Current mortgage rates are lower than they've ever been in recent decades. So, although you may be kicking yourself for not locking in your rate last year, you're still in an excellent position to secure a mortgage rate that's lower than anything your parents got in the past. 

Many buyers are waiting for a further dip in mortgage rates before they commit to purchasing a new home, but data shows that this may be futile. In September 2021, mortgage rates went above 3% for the first time in months, and industry experts only project a continued increase over the coming months—but by how much?

The truth is, even a half percentage point increase could end up costing you thousands over the lifetime of your mortgage. For example, if rates rise by 0.5% to 3.5%, you could end up paying an additional $100 a month for your new home. Although this may not seem like much, it quickly adds up to thousands on a typical 30-year loan. Put simply, with today's mortgage rates at or near historic lows, now is the time to act if you're looking to buy a home.

Home Values In Brevard County Continue To Rise

At first sight, this may not look like a positive for homebuyers; but, if you plan to stay in your new home for a few years, you can also take advantage of increasing home values in Brevard County! 

Here are some examples of cities in Brevard County that have experienced a significant rise in home value:

Palm Coast Real Estate

Palm Coast real estate achieved a median sold price of $323,250 in August 2021, increasing $53,350 from $269,900 last year! 

Cocoa Beach Real Estate

Cocoa Beach real estate achieved a median sold price of $629,000 in August 2021, compared to $342,500 at the same time last year! 

Melbourne Beach Real Estate

In August 2021, Melbourne Beach real estate had a median sales price of $629,000 compared to $436,00 the same time last year—a whopping $193,000 increase!

Satellite Beach Real Estate

The median sold price of Satellite Beach real estate in August 2021 was $455,000—an increase of $117,288 from the same time last year!

If house prices continue to rise across Brevard County, you may find yourself priced out of the market if you decide to wait. On the other hand, if you're looking to buy a home in Brevard County now and build up equity, today's market is a great time to do it! Of course, each buyer's position is unique, so it's crucial to weigh up the pros and cons. If you're thinking about buying a house in Brevard County, speak to one of our experienced real estate agents today to discuss your options. 

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