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Many people contact me regarding the real estate industry and ask “when is it going to bottom out” or “is it a good time to buy?” Well if I had a crystal ball I would tell you but what I can tell you this. It has never been a better time for people to buy property in Florida and the time maybe running out some for some people.
The government tax credit offered for first time buyers is one of the big incentives but also the fact that property prices are now at 2005 levels together with mortgage rates at an all time low. If you are a foreign national another great consideration is the increasing strength of the UK pound against the dollar.
I am currently working with builders who are trying to keep afloat by selling existing inventory homes at cost and if you are watching the market you will see they are far below the resale values in the areas. We are negotiating some great deals at the moment which can also include furniture packages. The rental market is increasing in the central Orlando areas with the major employers such as Disney hiring out of state employees who don’t want to buy just yet and just rent long term.
So to answer the questions again “is it a good time to buy” just consider this
• First time buyers credit
• Property prices currently at 2005 levels
• Mortgage rates at all time low
• Growth in the Orlando rental market
• Increase in strength of foreign currency
• Builders selling inventory homes at cost
Now is not the time to sit on the fence, consider your long term investment plan and speak to a realtor and mortgage broker today and get more advice. Call me anytime for an update on the Florida market and details of where you can get some great deals. John McLoughlin +1 (407) 666 3279 www.britishamericanproperties.com I also have some great connections with leading mortgage, business and insurance brokers to assist you.
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