The Florida real estate market is not really living up to the Sunshine State reputation. In fact it is downright blue and there does not seem any sign of improvement just yet. With the high unemployment rates more and more homeowners are forced to foreclose on their property. Adding to this burden is the very high prices of homeowners insurance. People are forced to give up their homes, and this is also driving them out of Florida. Below, you are going to learn more on this topic.
Property prices have dived, and it is forecast that prices will continue to drop well into 2011. Homes that would have cost over a million dollars a few years back have now dropped to on average three hundred thousand less. Many people are losing out on the investments they made, and worse they are losing their beloved family homes.
There is a chance for the sun to come back if you are in the market to buy property. It may be a very good time to move into the Florida real estate market, and buy while properties are cheap. Banks who are selling foreclosed property are asking for on average twenty five percent less than the asking price and even less in some parts of Florida.
If you have time to sit on a property then now is a very good time to invest in Florida. Despite the miserable forecast for the next year. With so many people having to give up their homes, this means there is a market for leasing property. Buying a house now, leasing it for a few years and then selling it again once the market has improved could be a very wise investment.
There is also a good market for vacationers who visit the area. It is important to be aware that this will be seasonal leasing, but it can be a good way to bring in revenue.
It is important to provide the correct type of home in the right areas which attract people who visit. Investors outside of Florida should spend time getting to know the areas well, and investigate what that area is in most need of.
When buying to lease you should be aware of the law for that state, any expected standards and fully research the cost of leases in the same area. Make sure the property is safe and in a good state of repair. Most tenants will prefer to have furnished properties. When looking for tenants your aim should be looking for long term leases, unless you are only leasing seasonal homes.
The Florida real estate market is a real struggle for families who are trying not to lose their family homes, and a fast solution does not appear to be anywhere close. If you are looking for a correct time to buy property however, it might be the perfect time to focus your attention on Florida and research the areas well. It might make perfect sense to buy while prices remain low and see your investment grow with time.
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