Florida residents who are facing foreclosure may understandably feel nervous and afraid, but there are many options available that could slow or stop the process. One option involves selling a home.
Regardless of market conditions at the time, buying a home can lead to dissatisfaction without exercising due diligence. Dissatisfied home buyers can then lead to higher vacancy rates in a subdivision, push property values lower and put a damper on future land development in the area. One experienced home buyer shares residential real estate tactics that improve the chances of Florida residents getting into a home they love and can afford.
Millennials in Florida and throughout country would like to buy a house, but they don't seem to be able to afford it right now. That was the takeaway from a survey conducted by Apartment List. It found that 70 percent of millennials who responded had less than $1,000 saved to put a down payment on a house.
Florida property owners may have to pay thousands of dollars because of tax valuations of their homes. When residents believe that the valuations for their properties are too high, they can challenge them.
People wanting to buy a home in Florida should make sure that the home they are considering receives an independent inspection before it is purchased. Inspections conducted by professionals can ensure the buyer is not saddled with a home that requires extensive repairs.
When Florida residents plan to purchase homes, they will have their down payments held in escrow until the transaction closes. Escrow involves holding down payments and handling the other money aspects of the transactions. Escrow companies or other independent parties receive the loan proceeds from the lenders and pay those funds and the down payments to the sellers. They also are responsible for transferring and recording the deeds of the property.
Florida residents who are considering buying a house may be interested to know that factors such as the possibility of higher interest rates in 2017 and the warmest weather in decades contributed to the increase in home sales in February. According to the National Association of Realtors, the monthly index of signed sales contracts for existing home increased 5.5 percent for February, a 2.6 percent jump from the February 2016 figure.
Florida residents may have heard that single-home sales were lower than expected for January 2017. According to the Commerce Department, there was a 3.7 percent increase to a seasonally-adjusted rate of 550,000 units. However, economists had forecast an increase of 6.3 percent to a seasonally-adjusted rate of 570,000 units. The data still points to a strengthening housing market despite higher interest rates and rising prices.
Purchasing residential properties can be competitive in Florida, and some buyesr may need to secure funding for a purchase as fast they can. Many real estate investors go to hard money lenders for bridge loans that can be taken out while they are waiting to be approved for loans with more favorable terms.
Florida residents who are apprehensive about purchasing a home may be pleased to discover that doing so may be more affordable than they think. This is despite the increases in mortgage interest rates and home prices and the stiff competition from other buyers.