Why now is a good time to buy homes in Venice Florida? Let's take a look as some of the opportunities and positive indicators for the future of Florida's real estate market as presented by Ron Greene of Sunbelt Title Agency.
Statewide, home prices have fallen about 20 percent in the past year. Florida Association of Realtors (FAR) show the existing home median sales price was $185,400 in the third quarter of 2008, compared with $233,200 in third quarter of 2007. By the way, those numbers are still significantly higher than in the early years of the decade. In 2003, the third quarter sales price was $163,700, which reflects an increase of about 13.3 percent over the five year period. (The median is a typical market price where half the homes sold for more, half for less).
High Inventory
Conditions are ideal for buyers to find their dream home. Inventory is plentiful in all price ranges. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: Don't wait too long.
Low Mortgage Rates
Mortgage rates are still at the lowest levels since the 1960s. Lower rates multiply a buyer's financial power. Even half of a percent can make a sizeable difference. For example, on a $200,000 home, half of 1 percent could save the homeowner about $815 a year. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.
Incentives to Buy
Federal, state and local housing programs can help buyers make that big purchase. A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. Talk to your local mortgage lender about state and federal incentive programs.
A Migration Magnet
Even with a slowdown in economic growth nationally, projections call for Florida's population to return to more normal growth levels of about 317,000 a year between 2010 and 2020, similar to the 1980s and 1990s, said Stan Smith, director of the University of Florida's Bureau of Economic and Business Research. That's a lot of new buyers coming into the market.
A Favored Retirement Destination
Over the long term, Florida stands to benefit from the migration of the aging Baby Boomer generation, roughly 80 million strong. Demographic studies show that the Sunshine State's mild climate and outdoor amenities continue to make Florida a favorite retirement destination.
Homeownership Has Value
Realtors believe, and research supports that belief, that homeownership provides a variety of tangible and intangible benefits to the community and homeowners. Studies show that home equity is still the largest single source of household wealth.
Greater Sense of Well Being
Owning a home leads to increased personal well-being. Research shows that people who own their own homes tend to show higher levels of personal self-esteem and life satisfaction, which in turn helps to make homeowners and their children more productive members of society.
Beneficial for Children
Studies show that children raised in homes owned by their families are more likely to stay in school and more likely to graduate high school. They're also shown to have a higher lifetime annual income.
Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Kari A. Battaglia and VeniceFLHomesBlog.com does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Kari A. Battaglia and VeniceFLHomesBlog.com represent the opinions and ideas of the author(s). Kari A. Battaglia and VeniceFLHomesBlog.com makes no representations or warranties of any kind, express or implied, as to the information provided herein.
Copyright© 2008 By Kari A. Battaglia, All Rights Reserved.
Kari A. Battaglia, GRI - Realtor®, Broker Associate - Coldwell Banker Residential Real Estate - 331 W Venice Ave., Venice, FL 34285 - 941-270-1851 direct - 941-484-9715 - office 800-969-1990 toll free -
Kari@KariBattaglia.com.
Recommending this tip to your sellers will also help in the marketing of their home and attract potential buyers.
Old carpets can be a real turnoff, and can emit allergens and toxins. Exposing any hidden hardwood floors is a good way to bring out your home's beauty and value. If this is not an option for you, consider the many available eco-friendly flooring choices because they are made from recycled or easily replenishable materials. Some good choices are eco-friendly carpet, recylced hardwoods, reclaimed hardwoods, baboo flooring, cork flooring, reclyed rubber flooring, reclycled glass flooring and believe it or not linoleum flooring. Linoleum flooring does not release toxic fumes and is biodegradeable.
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