Real Estate Articles

As we approach the end of 2024, prospective homebuyers in Volusia County are paying close attention to the current housing market and interest rate environment. With favorable conditions and the potential for future rate fluctuations, now is an opportune time to consider purchasing a home. Here’s why acting before the new year could benefit both first-time buyers and seasoned investors.

Volusia County’s Current Housing Market

The real estate market in Volusia County remains dynamic, with steady demand, especially for well-maintained and competitively priced properties. From Ormond Beach to Daytona Beach and beyond, the area attracts buyers for its coastal lifestyle, affordable property values compared to nearby metro areas, and the quality of life that Central Florida has to offer.

While some areas are seeing inventory increase slightly, it’s still a competitive market for buyers. Properties are averaging shorter days on the market, and certain segments, like single-family homes in popular neighborhoods, continue to attract multiple offers. Buyers looking to secure homes with unique features or specific locations may need to act quickly to secure the right property at a good price.

The Current Interest Rate Landscape

Interest rates have been a significant topic this year, with the Federal Reserve taking steps to manage inflation by adjusting rates. Currently, mortgage interest rates are higher than the record lows we saw during the past few years, but they remain within a range that is historically average.

For buyers, this means that while monthly mortgage payments might be higher than they would have been a few years ago, locking in a rate before the year’s end could be a wise move. Economists suggest that interest rates could fluctuate further in the coming months, which may create more uncertainty for homebuyers waiting for the perfect rate. Securing a home now could mean locking in stability as we head into a new year.

Why Buying Before Year-End Is a Smart Choice

1. Potential Tax Benefits: Purchasing a home before the year’s end can bring certain tax advantages. Homeownership expenses, like mortgage interest and property taxes, can often be itemized, potentially reducing your taxable income. Closing on a home this year means you may be eligible for these deductions when filing your next tax return.

2. Growing Equity Potential: Home values in Volusia County have steadily increased over the past few years, and this trend is expected to continue. By purchasing a home now, you position yourself to benefit from potential appreciation, building equity that can strengthen your financial standing over time.

3. Seasonal Buyer Advantage: Real estate tends to slow down during the holiday season, which can work to a buyer’s advantage. With fewer people actively house-hunting, you may face less competition and gain more leverage to negotiate favorable terms with sellers.

4. Availability of New Construction Homes: Volusia County has seen a recent boom in new construction projects, and many builders are eager to close sales before the year-end. This can result in special incentives, upgrades, or even discounted prices, which are more common as builders look to meet annual goals.

Preparing to Buy with Oceans Luxury Realty

Navigating today’s market requires an experienced team to help you understand property values, negotiate effectively, and stay informed on financing options. At Oceans Luxury Realty, we offer our clients personalized support to ensure that every step of the process is smooth, straightforward, and aligned with your long-term goals.

As we look forward to 2025, buying a home in Volusia County now not only positions you to capitalize on tax benefits and equity gains, but it also allows you to settle into a new community before the market cycle changes again.

If you’re considering purchasing a home in Volusia County, contact us today to get started. Our team at Oceans Luxury Realty is here to help you find the right property, the right financing, and the right timing to make your home-buying experience a success.