While the housing crisis created financial hardships for a lot of people in Florida and beyond, signs of improvement continue to emerge.
Home sales increased nearly 20 percent in March compared to last year. In addition, home prices were up 15 percent from March 2012. The median home price in Florida last month was $160,000.
The biggest issue right now in the housing market is that there simply isn't enough inventory. People are reluctant to put their homes on the market. However, as the housing market continues to rebound, potential sellers may realize that now is the time to move forward.
The trends in Florida are in line with national trends. Home sales across the country increased by 10 percent in March compared to last year. Home prices increased by 12 percent.
Despite the positive signs, some people are having a hard time securing a loan as a result of more strict policies. In addition, a lot of homes are being purchased by investors with cash. As they are scrambling to scoop up good deals they could also be pushing prices up.
The decision to purchase or sell a home is one that should not be made lightly, especially considering what so many people went through during the housing crisis. For that reason, it may be wise to rely on an experienced real estate attorney throughout the process. An attorney will work to ensure real estate transactions go smoothly and that people can walk away from the experience with confidence.
Source: Tampa Bay Times, "Florida home sales, prices rise, continuing rebound," Drew Harwell, April 22, 2013
- Our firm helps people as they are working their way through the home-buying process. Please visit our Fort Walton residential real estate page for more information.