My Sanford Magazine - Summer 2021

Page 12

LIFESTYLE

(Low inventory x low interest rates) + Out of State Buyers = BUYING FRENZY

But We Have Good News for Both

SELLERS & BUYERS! BY CL AUDIA MUNDLOS

T

o many, the real estate market might seem like quite a dilemma right now. Not only are buyers challenged in this market, but sellers are left with a burning question as well. After successfully selling their home with multiple offers in just a few days, where do WE go now? Inventory is still at an all-time low. In Sanford, there is less than one month worth of inventory on the market right now. So, to say the market is blazing hot is certainly not an exaggeration. For comparison, a balanced market should have around six months of inventory! Comparing Sanford’s latest data (April/May 2021), home values have increased anywhere from 20-40% over the past year!

José Vicente Rodriguez and Claudia Mundlos

Rather than kicking yourself for not buying last year or the year before, we’d like to point out the bright side of this market. By now, it should be clear that Florida is not in a so-called bubble, but rather an elevator with sustainable prices driven by real demand. Prices continue to go up and real estate is a solid investment, now more than ever, especially when considering the possibility of inflation. Yes, we might see a decrease in prices once inventory and interest rates go up. Don’t we all wish we had a crystal ball into the future? Rather than wait for that to happen, we encourage you to calculate your actual monthly mortgage payment if you were to finance a home today, as opposed to your potential payment in the future calculated with the desired lower sales price. However, remember to include a higher interest rate in that calculation as well. Rather than paying rent for another year or living in a home that you have outgrown, you might as well get moving! Buying a home right now is not for the faint at heart, but if you go in professionally represented with realistic expectations, know what you want and are willing to give it your best shot, everything will be alright!

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We also would like to let you know there are options out there and it’s worth exploring them! For example, last year we were able to help several families obtain down payment assistance for their new homes. There are even zero down payment loans available right here in Sanford. And Sellers, don’t despair! Thanks to a new bridge loan program, your offers don’t need to be contingent upon the sale of your home! You, too, can buy and finally use that hard earned equity to move up or downsize! We would be happy to discuss the many options available with you anytime and share the latest market insights so you can make the right move! n We are proud to call Sanford home and as local Realtors with 30+ years combined experience, we hope that one day we will be able to help you and your family with all your real estate needs. Meanwhile, we invite you to explore MovingToSanford.com and stay informed on all things Sanford at Claudia's blog Sanford365.com. See you around town!

COURTESY CLAUDIA RODRIGUEZ

AWARD OF EXCELLENCE