August 27, 2008
Almost all reports show that the real estate markets in SE Florida have stabilized. Affordability, taking into account taxes and insurance, are no longer an issue. Property insurance rates have decreased for the past two years. Because of the decline in home prices the property taxes for 2008 have also declined, and will continue to decline as prices fall. The only way you will know for certain that the markets have reached bottom would be after the fact; i.e., after prices begin to rise!!!
The only issue standing in the way of you owning your home today is financing, and your ability to find the appropriate "deal." Interest rates are reasonably low, and certainly competitive with what they have been for the past several years. Some commercial properties may be purchased with as little as 5%-10% down; however, lenders for residential financing "may" require 20%-30% down. Note the use of the word "may" in the previous sentence. Applications will most likely be pointless if you do not have better than decent credit, verifiable income, and sufficient funds for the DP and closing costs.
This blog is NOT saying that current asking prices are what you should pay. Prices continue to decline; however, now is certainly the time to contact a real estate professional, like us, to discuss what you might expect were you to enter the market today! You may well be able to obtain a home well below the current asking price. You will most likely be able to purchase property at 2002 market levels.
Almost all reports show that the real estate markets in SE Florida have stabilized. Affordability, taking into account taxes and insurance, are no longer an issue. Property insurance rates have decreased for the past two years. Because of the decline in home prices the property taxes for 2008 have also declined, and will continue to decline as prices fall. The only way you will know for certain that the markets have reached bottom would be after the fact; i.e., after prices begin to rise!!!
The only issue standing in the way of you owning your home today is financing, and your ability to find the appropriate "deal." Interest rates are reasonably low, and certainly competitive with what they have been for the past several years. Some commercial properties may be purchased with as little as 5%-10% down; however, lenders for residential financing "may" require 20%-30% down. Note the use of the word "may" in the previous sentence. Applications will most likely be pointless if you do not have better than decent credit, verifiable income, and sufficient funds for the DP and closing costs.
This blog is NOT saying that current asking prices are what you should pay. Prices continue to decline; however, now is certainly the time to contact a real estate professional, like us, to discuss what you might expect were you to enter the market today! You may well be able to obtain a home well below the current asking price. You will most likely be able to purchase property at 2002 market levels.
It is worth your time to contact us to discuss your present situation. This is especially true if you are renting, living with family, have an expanding family, etc. A discussion costs nothing. Staying in your present circumstances may cost something.
Please contact us @ analar@analar.com, or www.analar.com
