Florida foreclosures have been a brilliant way for savvy investors to get their hands on prime property at bargain prices. Now we find ourselves in a position whereby no so many Fl foreclosures are taking place, but as the price of housing in this state have dropped by leaps and bounds, and according to January figures are still dropping, bargains can be found in the traditional real estate market also.
Short sales are on the increase, as lenders are being forced to allow more of these to take place. This has been in an attempt to stop the glut of Fl foreclosures taking place, and the methodology seems to be working. Foreclosures have decreased by a fairly large percentage.
Home sale figures are growing and interest rates are declining. Today and ARM mortgage can be obtained with an interest rate as low as 3percent. Traditional fixed rate mortgages come in slightly higher at between 4 percent and 5 percent, and this is a huge decrease in interest rates over the past few years. Let us not forget that the longer the term of the loan the lower the interest rate will be.
Just remember that ARMs were one of the causes of the foreclosure crisis, as people purchased property with these kinds of loans. When the economy became bad owners lost their homes because of them.
In terms of the type of mortgage to take out, a fixed rate is always the best, this allows the home owner to budget and they know that when times get bad, the amount they have to pay on their home will not increase. Planning is essential for the financial future of a home buyer and knowing what is expected is of great assistance.
Investors are still offered a great deal of opportunity to buy property in Florida even though far less foreclosures are taking place. Traditional property is still available at 30 to 50percent less than it was when the property boom was at its height. These sees a great many second home buyers taking advantage of Florida property and the majority of buyers are from out of state.
As few as 9 percent of Florida residents are buying second homes, so the majority of house sales for residents is as first time home buyers. Real estate investors from the Mid West, Mid Atlantic and the Mid West are making up the majority of second or investment property buyers and this is because great property can be had for as much as 30 to 50percent discount over prices of four years ago.
Prime property at bargain prices across the board is the name of the real estate game in Florida, it is a buyers market and dropping prices are still the name of the game. But act now, the market has to bottom out at some stage and this is when prices will increase again.
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