Interest rates are key. Whether buying a car, condo or house, I think folks have a tendency to look mostly at the price.
But the interest rate determines much.
Interest is simply the cost of using another person's money. The interest rate determines the buyer’s qualification amount as your lender will look at your overall financial commitments and determine the amount they believe you can afford to allot to this newly proposed debt. It is this amount that determines the amount of house you can purchase.
Prices have dropped over the past several years for houses and condos in Brevard County, Florida. Interest rates have been low (under 5%) as well. Prices may not rise by much, if at all, over the next year. However, the cost of borrowing for major purchases will probably go up.
Don't let interest rates become your barrier while you wait for prices to drop even more!
For information on Brevard County Florida homes for sale, please give me a call or email me at firstname.lastname@example.org.
Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge Florida working exclusively with Century 21 Baytree Realty.
Please read my blog Observations of a Viera Florida Real Estate Agent for more information on the Brevard County Florida real estate market.