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Everyone knows that interest rates have been creeping higher. The question is whether you need to change your home buying plans because of it. There are a variety of factors to consider when you’re looking at the Davie real estate market, as you will see below.
All of the coverage in the media about interest rate increases – whether they have increased, or might increase, or will increase – can tend to make you feel as if buying at a higher interest rate will break your budget. You need to do some math to determine what the impact of increased interest rates will be.
Here’s an example. Let’s say you’re financing $200,000. Your monthly payment for the mortgage itself would increase by approximately $60 per month for every half-point increase.
At 4.5 percent, you’d pay around $60 per month more than at 4 percent. At 5 percent, you’d be paying $60 more per month than at 4.5 percent. If a difference of $60 per month makes it impossible for you to purchase, you’re probably overextending yourself in the first place.
Also, keep in mind that interest rates don’t typically increase in half-point increments. For example, in December, mortgage interest rates went from 4.13 percent to 4.16 percent during one change. In addition, rates have stayed under 5 percent for the past 10 years. We have a long way to go before we get close to an average rate.
The possibility also exists that homes will appreciate at a slower pace than we saw last year. While we’re currently in a seller’s market, the supply of homes on the market is low, and rising interest rates will scare some buyers out of the market.
Buying in a seller’s market has a strategy all its own. It isn’t necessarily more difficult to buy, but you need to use the right strategy. In a seller’s market, sellers can be more particular about the buyers they deal with. Sellers want buyers who can prove their ability to close a deal. Sellers can also be less likely to negotiate on price because buyers are plentiful.
If you’re buying in a seller’s market, make yourself a prime catch for any seller.
It doesn’t matter if you’re a first-time Davie real estate buyer or looking to buy a Davie luxury home, you’ll get the best outcome if you work with a top Davie REALTOR®. The agents on Teri’s real estate team are local real estate experts and can help you navigate the ins and outs of the Davie real estate market. Call us at 954-242-8030 or contact us online.
It’s true that Davie real estate offers homes that range from lovely to breathtaking. The schools are top-rated and the natural beauty is second to none. Taking advantage of the Florida sunshine is easy with miles of walking and horse trails. But that’s not all. Davie also offers something a dedicated shopper will stay up nights dreaming about: Sawgrass Mills Outlet Mall.
Sawgrass Mills is so large that it is divided into three sections: Fashion Avenue, The Oasis and the Colonnade. It truly has something for everyone. It’s a shopper’s dream, whether you’re looking for upscale clothing stores or great deals on electronics. However, make sure to wear your most comfortable shoes. The mall covers over 2 million square feet.
Fashion Avenue boasts over 350 stores in an enclosed, air-conditioned and climate controlled facility. Stores range from Forever 21 to Nine West to the Vera Bradley Outlet. You’ll also find anchor stores, including Brandsmart USA, Target, Burlington, Marshall’s, Neiman Marcus Last Call and Dick’s Sporting Goods.
he Oasis – Streetscape ShoppingThe Oasis is an outdoor shopping area at Sawgrass Mills that has undergone a recent renovation. The updated design gives you the feeling of strolling down the streets of a small town. There are gathering spaces, places to sit and people watch and a valet drop-off area.
Stores in the Oasis include Nordstrom Rack, Old Navy Outlet, Rockport Outlet and many more. If you’re looking for dinner and a movie, you could stop into the California Pizza Kitchen or the Cheesecake Factory, and then it’s just a short walk to the Sawgrass 23 Stadium and IMAX Theater.
Right beside the main enclosed portion of mall, you’ll find the open-air promenade known as the Colonnade Outlets at Sawgrass Mills. With more than 60 shops, you’ll be surrounded by virtually any brand you can name. These are just a few of the shops you can explore: Burberry, Tory Burch, Jjimmy Choo, Saint Laurent, Michael Kors, Marc Jacobs, Kate Space, Brunello Cucinelli, Mont Blanc, Versace and Roberto Cavalli.
Getting to the Colonnade is even easier with the addition of a parking deck. Valet parking will let you save your energy for finding that perfect pair of shoes or a suit or gown, or all three! When it’s time to refresh and refuel, stop by the Grand Lux Café, Paul Maison de Qualite or one of the other delightful dining options the Colonnade has in store.
For more information about Sawgrass, review the Sawgrass Mills Mall map or search for your favorite store. And, if you’re looking for an amazing deal, stay up-to-date with the list of “deals and steals.”
Shopping is just one more thing that makes Davie real estate so popular. Whether you’re looking at Davie FL homes for sale, or you’re planning to sell your Davie home, make sure you work with a top Davie REALTOR®. Contact us at 954-242-8030 or online.
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