Florida residents who are looking for a home may have noticed the recent slump in sales. According to the Commerce Department, new home sales across the nation fell 7.8 percent in January. Sales were down 14.2 percent in the South and 33.3 percent in the Northeast. Among the reasons cited for the drop were poor weather and increasing home prices.
Buying a home represents a significant financial investment for people in Florida and elsewhere around the country. It is also a decision that a person may only make a few times in his or her life. One of the primary considerations an individual may need to make when buying a home is how large it should be. Generally speaking, larger homes cost more and may require more time and money to maintain.
To some people in Florida and throughout the country, marriage may seem like a bigger commitment than buying a house. However, this may not necessarily be the case. For example, it may be possible to return a ring or get a refund on a wedding if someone backs out. That is generally not the case if buying a home doesn't work out as planned.
Millennials living in Florida are not putting off their home purchases because of an affinity for avocado toast. In many cases, young people are choosing to pay off their student loans or other debts before they decide to go into debt buying a home. In fact, only 39 percent of millennials are able to afford the 20 percent down payment that is generally required for a traditional mortgage.
Couples in Florida may decide that they are ready for homebuying even if they aren't yet ready for marriage. For these couples, buying a home often requires taking a few precautions to protect the investment and interests of each partner.
For some Florida residents, purchasing a new home is a major goal for 2018. The initial step for becoming a first-time homeowner is to check credit scores. Ideally, a prospective buyer will have a credit score of at least 620. Those who are interested in improving their credit scores may do so by raising credit limits or getting caught up on late or missed payments.
A Home Equity Conversion Mortgage (HECM) is a financial solution that seniors in Pennsylvania 62 and older can use to secure the funds they need to purchase a home. Previously, homeowners wishing to complete a HECM reverse mortgage had to determine if they wanted to maximize their HECM cash draw and pay a penalty insurance premium. HUD has since applied a premium that's 2 percent of the borrower's property value no matter how much a senior prefers to draw.
Couples around the country who file for divorce sell their primary residence 61 percent of the time according to a study from the real estate marketing firm Smart Agents, and one or both of the spouses involved may have good reasons for wanting to conclude a deal quickly. The upheaval involved in selling a home can strain even the strongest relationships, but many common pitfalls can be avoided if Florida spouses are able to put their differences aside and concentrate on their common goals.
Florida homeowners may think selling their home during the holidays may be difficult. However, there are certain things they can do to give themselves the best chances at selling their home before the arrival of the new year.
The tax reform bill moving through Congress could have a big impact on homeowners in Florida, especially those planning to sell. The National Association of Realtors has analyzed the potential effects of the tax changes and concluded that housing prices will drop nationwide by rates of 10 percent to 21 percent.