Mortgage rates are at rock-bottom levels, and in many cities buying may actually save you money.
So is now the right time to take the plunge and buy in South Florida?
We spoke with award-winning journalist Robyn A. Friedman, who covers real estate as a contributor to The Wall Street Journal. Friedman checked in with local experts to update the South Florida housing outlook for June’s City & Shore magazine.
We told Robyn we think “buying a home is still a smart thing to do, especially if renting feels like throwing good money out the window.”
We often advise clients that “owning your own home helps you cut taxes, participate in rising home values and protects you from rent increases. Plus, you can paint your walls, own that big dog and personalize your space.”
Median rents in Fort Lauderdale are particularly high, making this a city where it’s often cheaper to buy than rent, according to Trulia data cited by Friedman.
(Of course, there are always exceptions. See our earlier article on When Renting May Be The Right Way To Go, Even In Retirement)
But that doesn’t mean you shouldn’t do your homework.
“The overheated Miami market is beginning to show signs of cooling,” says realtor Brian Hero, Vice President with ONE Sotheby’s International Realty in Fort Lauderdale.
But don’t be put off, he argues. That’s just encouraging potential buyers to look north to Broward and Palm Beach counties for well priced properties in desirable locations.
“In fact, Forbes magazine recently ranked Fort Lauderdale eighth on its list of “Best Buy Cities” for 2016,” comments Hero. “With interest rates still historically low, now is still an excellent time to consider purchasing.”