As an increasing number of young people in Florida and across the country purchase homes, the mortgage industry may be looking to escalate its technical sophistication. Many millennials have expressed a preference for a digital process that is faster and more efficient. In June 2018, 91 percent of closed loans were made to millennials for purchases of new homes. This marked an increase from 81 percent in January 2018 and 90 percent in May.
According to a survey conducted by the National Association of Realtors, the majority of all commercial real estate transactions involve some type of financing. This means that buyers with pre-approved or proven loans will usually have an advantage over other buyers. If Florida commercial real estate investors follow a few valuable tips, they will improve their chances of securing financing and winning the bidding war.
Individuals in Florida and throughout the country may be able to generate wealth by investing in commercial real estate. However, it is important that a person thoroughly vets a property prior to putting money into it. Investors should also know that commercial real estate is generally illiquid, which means that they will need to see a warehouse or other property as a long-term investment.