DAlthough homeownership is a pipe dream for many Americans, good news is on the horizon. If you’re a first-time buyer and haven’t thought about it yet, now might be the time to start.
According to the National Association of Realtors, one-third of buyers in 2023 will be first-time home buyers, lower than the historical average of 38%. Moreover, the median age of first-time buyers was 35 years old. It’s cheaper to buy a home now than at any time in recent history, and that’s not going to change anytime soon, except for one interesting thing.
When the Federal Reserve began aggressively raising interest rates to curb inflation two years ago, mortgage rates rose along with all other borrowing rates. Well, a funny thing happened on the way to 2024. Interest rates have begun to fall. The Fed has stopped raising interest rates over the past few meetings, the stock market has started to rise, and mortgage rates have started heading toward 7%. According to Forbes, as of this writing, the interest rate on a 30-year fixed-rate mortgage was 7.26%, and the interest rate on a 15-year fixed-rate mortgage was 6.34%. The Fed also indicated it may cut rates next year, potentially multiple times.
This may not solve the housing shortage that continues to command sky-high prices, but for those who are finally able to find housing, brokerage fees are starting to look more affordable. This means more first-time buyers can now qualify for financing. However, Gen Z and Millennials, the primary buyers of first-time homes, will continue to face a limited supply of single-family properties. This puts pressure on prices to remain high unless or until supply catches up.
There is even more positive news locally. WalletHub.com, an online market analysis company, ranks Tampa as a great place to retire. In fact, their analysis shows that the top five best places to retire are Tampa, Scottsdale, Arizona, Fort Lauderdale, Orlando, and Miami, with four of the top five being in Florida. .
To be fair, U.S. News & World Report moved Tampa up from No. 6 to No. 4 as the best place to retire. Both studies are based on affordability, quality of life, and healthcare.
And close to home, imagine my surprise when I opened the second page of the Wall Street Journal about a month ago and found Cortez, Florida, as the dateline for a good-sized news story. please look.
The story was about new construction at Hunter’s Point on Cortez Road just east of the Cortez Bridge. All of Hunters Point’s single-family homes will be energy-efficient homes, and the developer describes it as the nation’s first “net zero” single-family home development. This means that your home produces at least as much energy as it consumes.
Each home is equipped with solar panels and a battery storage system that can continue to provide power even if the grid goes out. It also has water outlets to accommodate rising water levels and living space approximately 16 feet above sea level. Hunter’s Point’s goal is to combat both the causes of climate change and carbon emissions while protecting its properties during major storms.
It looks like little Cortez was a huge success. Starting the new year with an optimistic outlook will set you up for great success. In the words of Mark Twain, “The secret to getting ahead is getting started.” Happy new year!
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