Should I Buy a Home in 2017?

Just over 4,000 detached homes, townhomes, and condos sold in Leon County in 2016 with the help of a local REALTOR®. The number of homes purchased has been increasing over the past five years in Leon County; I expect that trend to continue. The uncertainty of political change and slowly rising interest rates will cause some to pause. However, the interest rates are still low enough to make home buying a better option than renting for many people.

If you can afford the down payment and closing costs, the mortgage payment will still likely be less than rent in most cases. If you need closing costs or down payment assistance, there are local non-profits—like the Tallahassee Lenders’ Consortium—ready to help. If you do wait, you will likely pay more, as home values should continue to steadily increase and rates do not appear to be going back down.

Survey after survey reports that the new generation of buyers list homeownership as a major goal in achieving their American Dream. This doesn’t mean rush out and buy a home; there will always be homes for sale, but if you are ready, this is the good time. For those looking to buy a home over $400,000 in Leon County, there is plenty of inventory to choose from, but this is not atypical of our market. The median price for a detached home in Leon County over the past 12 months is $200,000. But if you are looking to a buy a “move-in-ready” home under, say $300,000, be ready to write a contract quickly, as inventory is slim.

To maximize your leverage in this competitive market, get pre-approved with a local lender, and always consult with a REALTOR®.