Buying a home is a milestone for both civilians and members of the military. Just like civilians who travel a lot for work, those who are stationed in Florida or elsewhere may need to take their job into account when timing their home purchase. This is because a person in the military may be ordered to another base or deployed with little or no warning.
Floridians who wish to buy homes may be interested in learning that many properties in the country's biggest housing markets are considered to be overvalued. While demand is up for homes, the housing market has weakened because the rising prices have made it almost unaffordable to buy a home in many regions.
The National Association of Realtors reported that the pending home sales index was .8 percent lower in July 2017. Year over year, the index fell 1.3 percent. The lower index numbers suggest that supply has lessened in the residential real estate market. In Florida and across the United States, 1.92 million homes were listed for sale in July 2017. This was a year-over-year drop of 9 percent.
Age should not be a concern for older individuals in Florida who are considering purchasing a home for the first time. The 2017 NAR Homebuying Report shows that individuals between the ages of 52 and 70 accounted for nearly 25 percent of first-time homebuyers. However, there are some issues they should consider before committing to a home.
Many Florida residents are excited to find the homes that they would like to buy. When they are preparing to do so, there are multiple things that they should avoid doing so that they can get the homes that they want and save money on their transactions.
Florida is one of the three states that is seeing the largest number of foreign real estate purchases. The other two are California and Texas. From April 2016 to March 2017, foreign purchase of real estate hit an all-time high, and half of those purchases were in the aforementioned three states. New Jersey and Arizona were also popular. Overall, more than 284,000 homes were purchased by foreign buyers.
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.