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The Experts are Predicting 2021 to be the Year to Buy A Home, Despite Coronavirus.

Our Mortgage Rates are at all-time lows. Though the Fed’s target rate does not have a direct effect on mortgage interest rates, there is a connection between the two, and mortgage rates dropped accordingly in 2020. Today, you can obtain a fixed rate mortgage below 2.5. Despite the economic challenges 2020 brought, housing had a banner year. As Mortgage rates bottomed out, buyer demand surged, and home prices rose accordingly.

Currently, the market still looks like a seller’s market with low inventory Nationwide and prices rising. Freddie Mac and the Mortgage Bankers Association predict home price growth in 2021 in the 2% range.

The mortgage rates, while they may not hit record lows again (in 2020 they did almost a dozen times within the year), should remain low in 2021. All the experts agree that mortgage rates will remain in the high 2% or the low 3% range. All good for buyers.

Various factors determine your mortgage rate, your credit score, down payment, loan type, property location, and term of loan. Your credit score impacts your mortgage rate because it is a measure of how likely you are to repay the loan on time. The higher your score, the less risk you pose to the lender, so the lower interest rate you will receive. Lenders also look at your down payment amount. If you bring 20% to the closing table you are viewed as a less risky borrower and will obtain a lower rate than another borrower financing most of their home purchase. The loan amount and closing costs also play a role in your mortgage rate. If you ask a lender to roll your closing costs and other fees into your loan, typically you will pay a higher interest rate than a client who pays those fees up front. In Florida, the buyer typically pays for a credit report, appraisal, loan origination fee, survey, home inspection and Capital contribution to the HOA. Doc stamps, title policy and Estoppel are the seller’s responsibility.

On New Construction closings, the buyer pays the Title Insurance.

Inventory is currently historically low in Solivita and homes are selling quickly, one call to a BVR Realtor will put you in the hunt for a great home. A BVR Realtor will ask you a few questions about your needs, wants and requirements. With your answers in hand, we will hook you up and email you all the listings that meet your requirements. We can show you homes remotely, or you can visit with us over the phone or in person. We would love for you to “come on down” and we are happy to give you a tour of Solivita, show you our extensive infrastructure, and walk you through the homes that fit your needs.

In Solivita we offer homes from just over 1,000 Sq. Ft. to over 3,000 sq feet with selling prices from $150,000 to over $400,000. Solivita is an Active, Modern, Well Maintained Community full of folks enjoying life, making friends, and having lots of fun.