The benefit of purchasing real estate in Florida has never been better! This information from the Florida Association of Realtors has been adapted to bring you the top ten reasons...
Why It's a Great Time To Buy Real Estate in Florida!
1. Great prices. Statewide, the existing-home median sales price was $161,200 in the fourth quarter of 2008; a year earlier, it was $216,600 for a decrease of 26 percent. Lower prices offer true bargains for purchasers at all price levels - Bargains are everywhere!!
2. The time is right. Home sales volumes are rising again - a clear signal that today's "buyers market" may be changing soon. In fourth quarter 2008, statewide sales of existing single-family homes were up 13 percent compared to the same period last year.
3. High inventory levels. Conditions are ideal for buyers to find their dream home. Inventory is still plentiful in all price ranges. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: Don't wait too long.
4. Low mortgage rates. Mortgage rates are still at the lowest levels since the 1960s. Lower rates multiply a buyer's financial power. Even one/half of one percentage point difference means a buyer could save more than $1,000 per year on a median-priced home. Buyers can get more home for the money.
5. A long-term-growth state. Long-term economic and demographic trends continue to favor Florida. By 2010 economists forecast that Florida will be the third-most-populated state in the country. Florida has been one of the 10 fastest-growing states in the U.S. for each of the past seven decades, and often the state has been in the top four. Population growth will continue to provide a foundation for other economic development such as new jobs and growing incomes, which are positive indicators for real estate growth.
6. A favored retirement destination. Over the long term, Florida stands to benefit from the migration of the aging Baby Boomer generation, roughly 80 million strong. Demographic studies show that the Sunshine State's mild climate and outdoor amenities continue to make Florida a top retirement destination.
7. Business-friendly state. Florida has always been a business-friendly state - no state income taxes, plus incentives from local municipalities encourage businesses to set up shop here. Despite the economic downturn nationwide, Florida leaders continue to keep business needs in the forefront of planning for the state's future. Florida's business climate ranked fourth among executives and sixth overall on "Site Selection" magazine's 2008 Top State Business Climate rankings.
8. Positive investment outlook. The University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. In the third quarter 2008 survey, the investment outlook for various types of Florida properties remains steady. "People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest," said Dr. Wayne Archer, director.
9. Homeownership has value. Homeownership provides a variety of tangible and intangible benefits to the community and homeowners. Studies show that home equity is still the largest single source of household wealth, both for the individual homeowner and for homeowners as a group.
10. An unsurpassed lifestyle. Finally, why does Florida continue to attract people from all over the world, more so than any other state - world-class beaches, fabulous weather and a friendly business climate, a vibrant economy, and diverse population. It's no wonder that Florida's combination of temperate climate, outstanding recreational amenities and economic opportunity has consistently put Florida in the top three of Harris Poll's "Most Desirable Places to Live" survey.
Please give me a call or email if I can help you find your "Dream Home" - you deserve it!!
Marge Coffing Beach & Luxury Realty 1-866-356-1214 tollfree