Home ownership has always been the American Dream. This dream is also alive and well in Key West and the Lower Keys though recent market activities have severely challenged this dream on many levels.
Many individuals are venturing out into the market and finding that the market is starting to show signs of life. The Key West Real Estate - Key West Board of Realtors Association, Real Estate statistics show that 6 more homes were sold this past May than the same time last year.
Also, overall average and median home sales prices are up around a $100,000 from the same time last year. The best news though is that according to Yahoo Homes interest rates are now below 3.6% for a 30 year fixed mortgage.
These figures help show prospective home owners that the dream is still alive and fairly attainable. But there are other families that have most of the right pieces to the dream but maybe lack one or two in some areas. Hope exists for these individuals as well.
Habitat for Humanity is an entity that has helped millions of families attain their dream of home ownership. If you didn’t know it there is a Habitat chapter in the Lower Keys and Key West. Habitat says that they do not build homes for people, they partner with individuals to help them reach the goal of home ownership.
Something else that many individuals don’t know is that Habitat not only builds homes but renovate them also. What happens is that Habitat will buy a “fixer upper” have the prospective home owner donate some sweat equity and when the dust settles someone has achieved the dream.
This where the statistics that have been mentioned above come into play and help Habitat to be able to help more families in their quest of home ownership. Because of the lower rates and lower prices the donated monies and materials will be so much further. So, with the market showing signs of life it is a win for everyone concerned. Prospective buyers are in a good position no matter how they are entering the real estate market.
So whether you’re a tourist, looking to move permanently to the Keys, or just someone who likes the beauty of nature, the great variety of amenities in the homes in our area are just more reason to want to live in the beautiful Key West. If you’re interested in real estate in this attractive area contact me, Jimmy Lane, at Key West Real Estate: 305-766-0585.