According to the Commerce Department, there were 667,000 new homes sold in September 2017. This surge, which was the highest figure since October 2007, could influence how Florida residents and others approach buying their next home. Newer homes are popular among those who aren't able to find affordable existing properties. However, builders are increasingly trying to create more expensive homes, which may further price out those who have a limited budget.
An interview with a chief economist from PNC Financial Services has revealed insights about how the Republican federal tax law changes could influence the residential real estate market. The economist explained that the $750,000 cap on mortgage interest deductions and the $10,000 cap on state and local tax deductions would increase the ongoing costs of homeownership for high-end, luxury properties.
Florida couples who are getting divorced and want to sell their homes are not alone. According to one study, the family home is sold in 61 percent of divorces. There are instances during which one spouse is able to buy out the other spouse, but this does not occur in many cases.
People who are looking for a home to buy tend to decide very quickly whether they are interested in a property. However, there are certain ways a Florida seller can ensure that their home presents the best possible first impression.
Florida senators may soon be voting on the tax reform package currently being debated in Congress. The bill's success or failure could have an impact on home values across the nation. According to an analysis by economists from the National Association of Realtors, a combination of new limits on the mortgage interest tax deduction and the capital gains exclusion for home sales could cause some housing markets to lose between 10 and 21 percent in value within the first two years after the law is enacted.
Florida business owners or others who run successful companies may need to move to continue their success. Unfortunately, this could require getting out of a commercial lease. In some cases, it is possible to negotiate terms into an existing lease to make sure that a business owner has flexibility if the need to move arises. Shorter leases may also provide a business owner with more flexibility.
Married homeowners in Florida have specific property rights if they decide to divorce. People outside of a formal marriage, however, can run into trouble if a relationship sours. This situation is increasingly common. According to a study from 2013, 25 percent of unmarried millennial couples own properties together. Because disputes over money and property could arise between partners, people should prepare cohabitation agreements or pre-purchase contracts to set forth how partners will resolve problems.
Florida residents who have two mortgages on a home may be concerned about their ability to sell. The good news is that it can be a relatively straightforward process in most cases. A common reason a homeowner may have two mortgages is that one loan was for the home and the other was to cover some or all of the down payment.
Just because a home in Florida or anywhere else in the country isn't listed for sale doesn't mean that it can't be purchased. In a worst-case scenario, the owner of the home simply declines an offer to purchase it. It is also possible that the owner may leverage a person's interest into getting an offer that is higher than what the home might ordinarily be worth.
Some baby boomers living in Florida purchased large homes during the 1990s and are now worried about their ability to sell them when they plan to retire. Selling large homes may be more difficult because there is a smaller pool of buyers for them.