Florida Keys Real Estate Market Comparison: 1st Half 2016 vs. 2015
Why It’s Time to Buy a Home in the Lower Keys
If you’re considering purchasing a Primary or a Second Vacation home, you might want to stop thinking a start acting; and, quickly. The real estate market is doing more than healing, it’s growing at a steady clip as home prices are beginning to rise across the country.
Localities once plagued by inexpensive inventory of distressed properties, which consist of short sales, foreclosures, and bank-owned properties are now being freed of artificially low prices as those types of homes. Distressed properties represent fewer and fewer of the total percentage of active homes on the market, which is causing housing values to rise.
In the Lower Florida Keys, that’s more true than ever and because it’s in an area that’s always in high demand for those looking to escape the cold and big city stress and have a place in the middle of a tropical paradise.
Life in the Lower Florida Keys
The way of life here moves at a much slower pace than in the big cities, where long commutes and stressful hustle and bustle are the norm. Summers are full of balmy and breezy days with very mild winters and spectacular spring and fall seasons.
Here, the cost of living is more inexpensive and taking advantage of having a second home right in a tropical climate where every day is a vacation.
7 Reasons to Buy a Second Home in the Lower Keys
There are many more reasons to purchase a second home in the Keys besides it’s location and the fabulous weather:
● Creeping home values. Prices are going up; however, homes here are still affordable, but that won’t be the case by the end of the year.
● Rising mortgage rates. Interest rates on home loans are going up and buying now means saving thousands of dollars over the life of the loan.
● Climbing inflation. You’ve likely been to the grocery store and to the gas station lately, and have noticed the price for consumer goods are on the rise.
● Paying less down. If you haven’t seen the real estate and mortgage industry news, lenders are approving home loans with less down than twenty percent.
● Enjoying a better lifestyle. Such wonderful weather and being in an ideal climate means more opportunity for outdoor recreation, which means better health.
● Making income from renting the home out. When you’re not using the property, then you can rent it out. Our local ordinances require a 28 day minimum.
● Having a dedicated place to stay. When it’s time to get away and enjoy the outdoors and warm weather, you won’t have to make plans because you’ll have your own place to stay.
The bottom line is, there has never been a better time to invest in paradise and, invest in your own future!