Foreign buyers still continue to fuel the South Florida Market. Miami was the second highest visited market on the web in February – this was according to the National Association of Realtors.
Fort Lauderdale was the fifth most searched market and our nearby nearly Orlando scored out in fourth place. All in all the data places Florida at the top of the most desired location in the US by overseas buyers.
TALLAHASSEE, Fla. – April 25, 2014 – Home buyers still have access to down payment assistance grants, interest-free second mortgages and other special home loan programs, provided they have decent credit and documented income in Florida
However, many borrowers don’t realize that home buying aid isn’t reserved for just low-income individuals, and money available through state and local housing agencies often goes unused.
Some down payment assistance programs “are for working people who make a decent income but don’t have enough to save for a down payment,” says loan specialist Deborah Holloway of Melbourne, Fla.-based Shelter Mortgage Co.
Some buyers qualify for down payment assistance even though they earn upwards of 120 percent to 140 percent of the median area income. Buyers should check the websites of the housing authority in their state for a list of programs and participating lenders.
Meanwhile, some lenders – like TD Bank Group – have created their own loan initiatives for first-time buyers with low down payments, and buyers also have access to Fannie Mae’s HomePath program, which requires only 5 percent down. A first step for Floridians checking to see if help is out there: The Florida Housing Finance Corporation. It’s the state window for funneling money from federal and state programs into the hands of prospective homeowners.
Source: Bankrate.com (04/22/14) da Costa, Polyana © Copyright 2014 INFORMATION, INC. Bethesda, MD (301) 215-4688
Marinas and boating amenities across South Florida have been experiencing major improvement and beautification projects; as home buyers with a love for boating flock to our communities. According to a recent article in the Real Deal the Dania Beach Marina has gotten a $7.5 Million face lift; “revitalization and redevelopment” project which will be completed by June this year as announced by the mayor. This same article quotes the Sun Sentinal as stating that several docks are already open for business and 2/3 of the 120 new docks are done. These improvements are sure to benefit the area in property values, amenities offered to residents and those that are visiting South Florida.
Well, it looks like reports are coming in from all over reputable resources (from the National Association of Realtors to local boards to private reports such as Realty Times) that the real estate market has a positive outlook for 2010. These report apply to mainly residential real estate; however, there is one particular sector that I have noticed pick ing up speed in our brokerage and decided to do a bit of research on it. That sector is the real estate investor. I am speaking here about your average investor, the “average joe” not you huge developer. I mean lets face it the formula is pretty simple and it goes something like this:
HIGH INVENTORY + AFFORDABLE PRICING + LOW INTEREST RATES = OPPORTUNITY
Now it would be easy to simply leave it at that but I prefer to look at the hard data, from reputable sources.
According to move.com just over 12% of buyers are looking at purchasing an investment property. Furthermore they state that 25% of homebuyers are targeting foreclosures, and of that number 42% regard their purcahse as an investment. These numbers are pretty impressive compared to the past two and even three years.
In addition, in 2010 we are much clearer on exactly what the government is willing to do or not do in order to prevent additional decay in the financial system. The extension of the tax credit has most certainly helped and also the inclusion of non-first time home buyers to be eligible for the tax credit has increaed the pool of potential buyers. In short there are more buyers out their that will soon match the inventory levels.
In addition, we are seeing reports daily that consumer confidence is on the rise.
Now, I most certainly do not believe that we are headed for another real estate BOOM similar to the one in the mid 2000’s (and I for one would hope that that would not be the case), but I do believe that we are headed for a much more stable market, a much more equal playing field for buyers and sellers.
So buyers if you are on the fence, now is the time to dive deep into your research. Look at trends, watch the market!
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South Florida Brokers & Associates, Inc.