FLORIDA REAL ESTATE SELLS DESPITE CREDIT RESTRICTIONS
Posted in Real Estate Bloggers By Julie Jones, Wednesday, October 15, 2008.The south Florida Business Journal reports that despite tight credit restrictions, houses in Florida continue to be in demand for purchase. The Florida Association of Realtors reported that for the second month in a row, single family home sales were up in response to the lowering prices.
The main difference is in the attitude of buyers, sellers and lenders. First time home buyers, real estate investors and those who have considered purchasing second or vacation homes realize the opportunity offered by the present real estate market. Sellers who have owned their properties for over ten years understand this is still a profitable buyer’s market and are open to negotiations. New construction condos and recently bought properties may feel the crunch from the lowering prices, however. Patience and tapping into the rental market is the key for those owners.
As for lending, some of the larger banks and smaller regional banks with conservative portfolios are joining FHA and Veterans Affairs in continued lending. Their attitude change has come in the form of scrutinizing borrower qualifications more closely than four years ago. Homes priced over $1 million generally require 10-20% down to obtain financing, but that is not unusual from past practices for luxury real estate transactions. Well-qualified buyers or cash buyers will find marvelous opportunities in the real estate market now.
Encouraging news for all of us in the Florida real estate market to pass on to our clients.
Sincerely,
Julie Jones
Luxury Real Estate Specialist
julie@premierestateproperties.com
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Submitted by Jennifer Mackay on October 15, 2008 - 1:54pm.
Thank you for updating everyone Julie.
I continue to see demand in my area of Florida as well.
The several condo auctions have certainly helped to fuel that market segment and continue to drive condo rental investments here.
Jennifer Mackay is a Keller Williams real estate agent and team leader providing guidance on many aspects of the Panama City, Florida real estate market. Visit her at Panama City Real Estate