The housing market in the Sunshine State of Florida is no longer as rosy as it used to be. Constantly rising floating interest rates on home loans have led to an extremely large number of home owners going for foreclosure. While this is quite unfortunate for home owners, it is the perfect opportunity for home buyers who can now buy the homes that they could not afford a couple of years earlier. Foreclosed properties can generally be bought at a discount of 20% to 40% and because there is a huge supply of Florida foreclosed homes on the market right now, buyers can actually negotiate for extremely good deals.
As of now, Florida is the fourth state with the maximum number of property foreclosures, superseded only by Nevada, California and Arizona. Since the year 2006, house prices in Florida have been constantly declining combined with an increase in the interest rates. What this means for a current home buyer is that you will now be able to buy a property at a huge discount. Most sellers are eager to sell their houses in order to avoid foreclosure or to pay off their loans and mortgages. A buyer in these cases definitely has an upper hand and can not only negotiate for a better price but also for repairs and maintenance.
Apart from these pre-foreclosure properties, home buyers and investors can also buy foreclosed properties from banks and auctions. Since Florida foreclosures are prevalent all over the state, you can buy property in places that most normal middle class people could never think of. An extremely high rate of foreclosures in the celebrity cities of Miami Beach and Palm Beach have today made these places more accessible to the upper middle class fixed income earner. True, foreclosure properties at these places are generally costlier than Jacksonville, Tallahassee, Key Largo and Naples and almost every other place in between, but they are being sold for much less than their actual market value.
In the end, it pays to remember that Florida will remain the Sunshine State for ever and ever, while property prices are soon going to rise and you will not be able to afford tomorrow what you can easily afford today. The advice for both homeowners and investors alike is to buy Florida property while you can get more for less because what goes down comes up and you never know when property prices in Florida will start touching unbelievable highs once again.
As of now, Florida is the fourth state with the maximum number of property foreclosures, superseded only by Nevada, California and Arizona. Since the year 2006, house prices in Florida have been constantly declining combined with an increase in the interest rates. What this means for a current home buyer is that you will now be able to buy a property at a huge discount. Most sellers are eager to sell their houses in order to avoid foreclosure or to pay off their loans and mortgages. A buyer in these cases definitely has an upper hand and can not only negotiate for a better price but also for repairs and maintenance.
Apart from these pre-foreclosure properties, home buyers and investors can also buy foreclosed properties from banks and auctions. Since Florida foreclosures are prevalent all over the state, you can buy property in places that most normal middle class people could never think of. An extremely high rate of foreclosures in the celebrity cities of Miami Beach and Palm Beach have today made these places more accessible to the upper middle class fixed income earner. True, foreclosure properties at these places are generally costlier than Jacksonville, Tallahassee, Key Largo and Naples and almost every other place in between, but they are being sold for much less than their actual market value.
In the end, it pays to remember that Florida will remain the Sunshine State for ever and ever, while property prices are soon going to rise and you will not be able to afford tomorrow what you can easily afford today. The advice for both homeowners and investors alike is to buy Florida property while you can get more for less because what goes down comes up and you never know when property prices in Florida will start touching unbelievable highs once again.
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