Yes, Buyers and Sellers are experiencing activity in the North Central Florida market. Both retirement communities and traditional neighborhood homes are closing. Banks are doing financing because they realize that is the only way they can make money. Yes, you need to have great credit ratings if you are going to the financial institutions for new money. Also, there are private lenders willing to hold mortgages.
The inventory supply has declined a little due to sales taking place and unmotivated sellers backing out of the marketplace. There is also an abundance of foreclosure properties with many more to follow for the next twelve months in North Central Florida. This area was a large speculator nest during the years of 2005-2006. Many of these properties were built to "flip" and ended up flopping. The banks are foreclosing on these properties for much less than what the original loan amount was owed and are great buys for today's buyers.
Lets look at lenders and what are their plans. We are seeing a slight increase in interest rates and buyers need to consider buying today or the interest rates might be a disadvantage to your purchase. Buyers need to be very concerned at their credit scores as they are changing the way that your financials are being reviewed.
Real estate is still one of our greatest investments. This is truly the time to buy! Buy low! Todays' prices are great values and will be reflecting increased values within the next 36 months.
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