Over the past couple of years, it appears everyone is talking about mortgage rates. Since the 2021 pandemic low of 2.96%, mortgage rates have risen to an average of 5.06% (30-year-fixed). The question is, “Is it the right time to buy?” According to Sotheby’s Real Estate, luxury real estate will continue to be a strong asset class in 2022. Luxury home inventory availability is still playing a part in our Emerald Coast market because there are fixed amounts of desired properties. Another factor at play is that Destin and 30A continue to be seller’s markets. This usually means home contracts are written at their highest and best within days, sometimes hours, of a property going on the market.
What Does This Mean for Buyers
As a potential buyer, you want to ensure your real estate agent knows the areas and is moving aggressively in your favor to help you find and lock in your beachfront or beach-accessible home as soon as possible. After all, that is why most people come to Destin and 30A nothing compares to our famous white sandy beaches and emerald green water.
Timing Is Everything
So, is it the right time to buy or not is your decision but, ultimately, serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait? Waiting will cost you more in the long run. Work with a real estate professional who can help you understand your budget and how you can be best prepared to buy your investment or dream home. For current mortgage rates, check out Bankrate. To view Live, Love, 30A’s properties check out our current listings.
