Residential real estate markets are stabilized and stimulated
There appears to be continuing stability in the residential real estate market in Florida. After decades of fluctuations between the great highs and great lows of the economy nationally and here in the state, a new era of security and modest growth in residential real estate values may be settling in. Home prices here and nationally appear to be returning to normal and are rising at low, single digit rates. With relative stability in interest rates, many young couples are now looking to make that first home purchase, and current homeowners may want to purchase another property in a higher financial bracket.
This time around there is a pronounced aura of sanity about how people are going about purchasing a home — and selling one, for that matter. The relatively unhealthy double-digit rate of increase in house values over the last two years has settled into a more stable 4.1 percent increase. Mortgage rates are relatively affordable right now, making it a secure and steady time to think about that purchase.
Adding to that good news is that the prospect of home ownership is becoming an affordable acquisition instead of a confining straight-jacket. Couples appear to be looking at that analysis to make sure that they are ready to take the plunge into ownership over the easier responsibilities of renting. Couples and individuals today are focusing on stability: they want to build up permanent ownership and not lose it during some whim of the economy.
When a couple is ready to purchase residential real estate in Florida, they may want to work with their own broker for effective representation and having someone knowledgeable early on. Additionally, when a contract of sale is signed, or still being negotiated, it may be an ideal time to consult with one’s real estate attorney to make sure that the contract is fair and understandable. From that point on to the final closing, the experienced counsel of a real estate attorney can be an invaluable assistance in making all of the right decisions and choices.