ORLANDO, Fla. — Despite high home prices and interest rates, job creation and buyer incentives are helping fuel Central Florida’s real estate market.
“Job creation is huge in Central Florida,” said Abdul Aitboukil, a real estate broker with Southern Prestige Realty, Inc., who’s worked in the industry for over two decades. “We have one of the lowest unemployment rates in the nation... Look at the Universal opening and so many thousands of people with new jobs,” he said.
A recent WalletHub survey ranked six Florida cities among the top ten best places in the U.S. for first-time homebuyers. Palm Bay claimed the number one spot. “Because of the affordability, number one,” Aitboukil said. “Palm Bay is ranked one of the top cities in the nation regarding the appreciation values on homes.” He added that the median home price in Palm Bay is around $325,000 and the inventory is strong.
Homebuyer Tara McCafferty agreed, saying she had plenty of homes to choose from in her recent search. “I talk to people that are, you know, kind of sitting on the sidelines and waiting, and I’ve seen how that has worked out when rates do come down,” McCafferty said. “I can negotiate the deal now on the house, which I may not have that selection later on, and then you can always refinance into a lower rate.”
According to Aitboukil, new construction incentives also help buyers get in the door. “There’s a buy-down on the interest rate,” he explained. “Which means instead of paying six and a half percent, you’re paying 4.99% because the builder has the ability to buy the rate down.”
Furthermore, programs at the state and county levels are increasing efforts to support first-time homebuyers. “There’s the Brevard County Down Payment Assistance up to $15,000,” Aitboukil said. “The state provides you $7,000 to $10,000 as a down payment or towards closing costs if you qualify.”
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