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Friday, November 27 2009 @ 06:51 AM Central Standard Time
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We can never deny the fact that Florida real estate market is one of the hardest hit during the economic disaster that the US felt during the past couple of years. Despite the reports of market experts that it is faring better every month as the market is righting itself out, it is always an added bonus to a successful investment if you know the prices first before setting out to buy.
November 2009 Home Values
According to statistics, there are more than half-a-million homes for sale in Florida real estate, scattered in major cities like Miami, Fort Lauderdale, Aventura, Miami Beach, and the likes. Reports states that prices of homes in Florida under different listings are currently showing price drops that is a boon to investors who are aiming to get the best deals in property investments.
Homes for sale, with an average of 400,000 homes dropped by 0.1 percent compared to last month's figures closing at an average price per home of $200,000.
Foreclosures, with an approximate number of 195,000 homes, declined by 2.9 percent -- median value of $150,000 per unit; which stands to reason why many are opting for foreclosures than other listings when it comes to a better investment.
Due to the price drop in many properties in Florida real estate, now is the perfect time for a profitable investment if you're aiming to acquire one below market price. This is the case of those looking to buy a property to be used for rental or as a long term investment.
Rates of Mortgage Loans
It would be safe to say that most who are planning to purchase a home in Florida real estate are thinking of having a lender or bank finance the project. But before you take advantage of their offers, it is best if you fix your credit score to become eligible for one.
However, those who are eligible for one might take advantage of the low interest rates offered by financial institutions in the region. There is a known decrease of 0.032 percent for 1 to 5 year loans closing at 3.480 compared to last week's 3.512.
Those on the higher loan brackets are also going down a notch to attract more property buyers to invest in Florida real estate. For starters, 15-year fixed loans decreased by 0.058 percent and 30-year fixed loans dropped by 0.086 percent.
William W. Teho, Jr.
Florida Real Estate |
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