Frenzy of Interest in the Florida Real Estate Market- By: Melissa Chappell
Reports on the property market in the USA are being produced on a rapid basis from various agents, developers, financial institutions and real estate speculators. These reports actively cover every angle of the property market, allowing for increased knowledge of each sector’s performance. Everyone appears keen to spread the great news that the emergence of the US property market from its recent depths of despair is almost in sight.
Although property in Florida has been affected by the real estate crisis that hit the country hard over the past 18 months, the region has not suffered so badly. Being such a desired location for both its climate and lifestyle, Florida appears to be emerging at a faster pace than the majority of areas throughout the country.
All round encouraging news has emerged from the surge in sales over the past quarter, with investors, first time buyers and repeat buyers all actively re-entering the market. The government has greatly assisted with the Tax Credit advantage, producing excellent results.
The Tax Credit was designed to assist first time buyers entering the property market, as an effort to provide further advantages to the already low priced property. US$8000 is offered to first time buyers, referring to anyone who has not owned a property in the past three years. Available only until the end of November 2009, the credit is not required to be paid back to the government unless the property is re-sold within three years.
During the past year an average home in Florida has reduced in price by around 15%, remaining on the market for approximately 5 months. The result of the past quarter has shown promising results with the average property being on the market for only 3 months, and prices remaining steady. The most sought after properties have been single family homes, with only slightly less interest in apartments.
Surplus supplies of properties on the market are rapidly decreasing, as buyers see the emergence of current prices creating an ideal time to buy. Having long been established as an attractive market, Florida provides a location of confidence in buyer’s opinions. The American Baby Boomers enable a fantastic sector of the buyer’s market, assisting with the recovery to a great extent. The dream of retiring to the sunny, warm climate of Florida is fast becoming a reality, as the market has enabled bargain priced property that buyers realize will not be available for much longer.
Foreign property investors are also actively pursuing the Florida property market, understanding the importance of a timely entry, ensuring the best prices as the demand continuously increases. Land sales are in high demand as they offer the lowest entry level prices in an already bargain priced market. Land enables investors the greatest number of viable exit strategies, despite the situation of the real estate market.
As the buying market increases and the general community begin to feel positive about the future of the economy, the best properties remain in high demand.
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