Florida residents who are looking for a new home may not be surprised to hear that there are relatively few available properties on the market. Although homes were selling at a near record pace, existing home sales around the country dropped by 1.8 percent overall in June because of the low supply. Only the Midwest region was able to buck the trend and see an increase in sales during that month.
According to the National Association of Realtors, investors from other countries are purchasing residential real estate in the United States in record numbers, with half of the foreign sales being made in California, Florida and Texas. Foreigners purchased residential properties totaling $153 billion from April 2016 to March 2017. That is a 49 percent increase from the same period one year earlier and exceeds the previous record that was set in 2015.
After a homeowner misses a few months of mortgage payments, the lender will likely issue a foreclosure notice. Although the problem might seem overwhelming, options for preventing foreclosure and the subsequent drop in credit rating exist. A distressed homeowner should contact the lender as soon as possible and ask for more time to catch up on payments. In some cases, lenders restructure loans to allow people a chance to keep paying and halt the foreclosure. Selling the home also presents a viable solution in many cases.
New home buyers in Palm Beach County often second-guess their choice to buy and the reasoning behind it. Some are looking for a way to get into the market and start saving equity that will later be used to purchase a larger family home. Other buyers think they are ready now to get into a home that they will keep for decades to come. There are some justifications for each approach, and they can help new buyers determine their strategy in the residential real estate market.
Shopping, financing and negotiating represent the major aspects of buying a home. A prospective homebuyer should consider every element in terms of meeting current needs and preventing future challenges. Setting a budget marks the first step, and a buyer should pick a figure that does not impose financial hardship. Since a future job loss or pay cut might make high payments impossible, buyers should be somewhat conservative about what they can afford.
A survey conducted by Apartment List paints a bleak picture for the future of home ownership in Florida and the rest of the United States. It focused on the 'millennial" or the 18-34 year old age group of Americans and their ability to afford a new home, and the results were summarized in the Wall Street Journal in May.
A part of the Trump tax reform plan aimed at simplifying the Internal Reveneu Code may save millions of households money on their returns, but it has also engendered sharp criticism. At stake is the home mortgage interest deduction, which causes millions of homeowners to itemize their taxes each year for savings beyond the standard deduction. By raising the standard deduction, many will no longer need to itemize to receive the same refund.
Florida residents may have heard of the term "conveyancing". It means that real property is being transferred from one party to another. An attorney will work to create documents that make the property transfer official. Legal counsel will usually take steps such as determining what type of documents are most appropriate for a given transfer, who must sign the documents and how new owners will hold the property.
Florida residents may not agree with the tax assessment that was just done on their homes. However, a homeowner is allowed to contest the assessment in hopes of reducing their property tax bill. This may be done by arguing that their home is worth less because of a pest infestation or because of some other factor that should bring its assessed value down.
Homes that are for sale are typically arranged so that their best features are on display and any defects are carefully minimized. Prospective homeowners in Florida should insist on having an inspection conducted on a home they are considering purchasing. It should be an independent inspection that is conducted by a professional.