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Fort Walton Beach Real Estate Law Blog

More cash being used to buy Florida residential real estate

In Florida, cash is king when it comes to buying homes. Over a million fewer mortgage loans exist in the state's residential real estate market today compared with several years ago. This is due to foreclosures as well as short sales that occurred while the recession was taking place.

The number of mortgage loans decreased from over four million in 2007's third quarter to a little more than three million during the same time period of 2014. Florida's 25 percent drop in mortgages was the biggest decrease in the United States. In many situations, distressed properties that were foreclosed on in the recession ended up being purchased by people who paid in cash.

Residential real estate market remains strong in Central Florida

The central part of the state of Florida continued to experience a real estate recovery this year, and the same positive results are expected for 2015. The residential real estate market is currently considered to be the perfect market for sellers. However, buyers in 2014 witnessed an increase in the total amount of inventory available.

Home buyers had over 30 percent more homes from which to choose in the area of greater Orlando in 2014. In addition, interest rates are still lingering at around 4 percent, which is relatively affordable for many home buyers. This is positive news for buyers who wish to claim their dream homes.

Residential real estate demand in Florida grows among snowbirds

When winter weather is bad in the northern part of the United States, real estate brokers in Florida are cheering. This is because the snow and icy wind is driving more people south, which positively impacts the state's residential real estate market. In particular, cold weather typically motivates pre-retirees and wealthy buyers to visit the Sunshine State more frequently or to remain in the state longer. When snowbirds spend more time in Florida, this results in more viewing of real estate and, in turn, more sales.

Real estate sales in Miami remained flat during the first six months of this year, compared with 2013. However, the average prices of homes increased 10 percent. This winter season is expected to remain strong, with many brokers already getting many emails and calls about home showings.

Residential real estate market in Florida to boom during winter

In Florida, housing continues to be a gold mine for sellers and investors. Sales of existing homes in the Southwest Florida area continued to go up last month, with area residential real estate prices rebounding from the flat September prices. This signals yet another solid winter for the area's real estate market.

Statistics show that real estate agents sold more than 2,100 houses and condos in Charlotte, Manatee and Sarasota counties back in October. This was a boost of more than 6 percent from the month of September. It was also an increase of more than 16 percent from the exact same period in 2013.

Florida commercial real estate drawing international interest

Property in the United States is increasingly being purchased by international buyers. The Florida commercial real estate market, in particular, is drawing interest abroad. The fact that the Sunshine State is a hot spot for buyers may give confidence to those who are interested in selling their Florida properties or buying property in a highly valued area.

Besides Florida, other parts of the country that are attracting buyers include the Southwest and Northeast. The nation's capital is also a popular area to make purchases. Not only are buyers targeting commercial properties, but they are also focusing on residential properties as well.

Commercial real estate market resurging in South Florida

In Southwest Florida, recovery from the recent recession has never looked better. As part of this recovery, the state's commercial real estate market has been steadily resurging. This market experienced hard times a couple of years ago after residential construction essentially imploded in 2006.

The commercial market's comeback is a reflection of the state's previous residential recovery. This shows that the building of homes does play a huge role in the state and local economies. When people buy houses, individuals in many sectors are able to return to work; these include electrical contractors, plumbers, drywall professionals, air conditioning contractors and lenders.

Residential real estate in Florida being purchased by foreigners

It's not just American "snowbirds" who are eyeing real estate in sunny Florida these days. Foreigners who aren't residents purchased nearly $8 billion in Florida residential real estate through June 2014. This means that purchases in the Sunshine State rose by nearly $1.5 billion during this period, research shows.

The reason that so many foreigners have been purchasing real estate in Florida is that the state's property is affordable. In addition, Florida's real estate appears profitable to many buyers. International sales made up a tenth of the state's residential market. In addition, 25 percent of foreign purchasers of homes in America buy real estate in Florida. Nearly a third of home purchases were completed by Canadians.

Residential real estate demand may increase with population rise

Florida continues to be a magnet, drawing people from all over the United States. This is a sign that the state is recovering well from a lengthy period of slow growth and economic sluggishness. It's also a sign that the state's residential real estate market will likely continue to grow and strengthen in the years ahead.

The number of people born in Florida increased by a whopping 140,000 from the year 2010 through 2013, research shows. In addition, Florida gained more than 100,000 residents in both 2013 and 2012 -- an 84 percent increase from the previous couple of years. Right now, it appears that Florida's population is growing by about 700 new people each day.

Commercial real estate market looks positive in Florida

Miami is one area of Florida that remains a hot spot when it comes to the real estate market. What's surprising is that the commercial real estate market continues to boom there despite the fact that Miami is at-risk for experiencing constant flooding later on in the 21st century. Companies, investors in real estate and residents alike continue to invest in South Florida long-term.

Miami, in particular, has been experiencing a surge that has never before been seen in the construction of real estate. For instance, a huge building featuring 80 stories is in the process of being built in the urban core of the city. Although an equities and real estate crash wiped out a lot of builders in the latter part of the 2000's first decade, the South Florida area experienced a quick recovery, thus making many investors feel that large risks are certainly worth taking.

South Florida's residential real estate prices on the rise

A real estate market where home prices are rising can be welcoming news to homeowners who are trying to sell their homes. It can also be encouraging for home buyers who would like to buy in a residential real estate area that appears to be on the upswing. Recent data shows that South Florida's home prices increased by 11 percent during the month of July when compared with July 2013.

July's increase is the second largest increase nationwide, researchers said. The price index that revealed this information measured current home sales occurring in 20 big cities. The South Florida area includes Miami-Dade, Broward and Palm Beach counties.