Florida Property – is Now the Time to Buy?

Times have changed and questions like ‘is a Florida property a good buy?’ are as real as they could get. In a matter of a few years, the state has witnessed the worst of tumbles in all areas, in particular the housing market. There was a time when Florida was the hot favourite among overseas property investors, who didn’t thought twice before investing. But thanks to the recession, claims, for example: ‘even if you decided to sell for free, there wouldn’t be any buyers’, best outline the Florida property market situation. It is not because the state is declining on popularity charts, but essentially the Florida property market is over developed with a considerably high percentage of buy – to – let options.

There is also the US economic crisis to take into consideration. The downturn has pushed reputed names towards bankruptcy. Foreclosure numbers continue to increase at an alarming rate, and Florida is one the regions contributing massively to the negative trend. In fact the situation has deteriorated enough to provoke a serious action from the government itself. The US government has pumped in $540 million as a desperate attempt to control the foreclosure tide in Florida; on account of the subprime crisis. These funds are to be deployed for buying properties in Florida, but real estate agents are still in a tight spot, and not just because there are rising costs on account of taxes, natural mishaps, insurance costs and more, further burdening home owners. There are no buyers and the dearth is insidious. Even the experts are divided over the buying call – there is a group of experts suggesting it is a serious ‘stay away’ warning, however there is another group of experts coming up with ‘buy now’ advice.

So, why is the latter group suggesting Florida property is lucratively interesting, especially for overseas property investors? After all, Florida is right now a victim of the US economic crisis. Property rates have slumped badly and there is clear case of over development. However, there couldn’t be a better time to find a bargain in these circumstances – cheap property in Florida is now available. The tag prices have touched the bottoms and further lowering cannot, perhaps, be expected. In fact the recovery process is expected to commence soon, with Orlando waving the optimism flag. The market in Orlando has remained calm, despite the turbulence around it, and the growing industries further support the argument. Sarasota is another region supporting the case.

The rest of Florida will not be left behind for long. Florida property is currently available for an affordable price, but the upward surge is expected to begin. It is just a matter of when, and if the analysts are to be believed, this should happen soon. Not that there will be sudden changes and the property prices would double or triple overnight, but yes, an upward trend is expected. Therefore an intelligent investor would benefit if action is planned right away. The circumstances currently are favourable and it is almost clear that a further reduction in Florida property prices is not expected. Stabilization is already a realistic situation and investors should not wait for long. Analytic reports will be released and real estate agents will regularly apprise with their comments, but further delays will directly imply losses for overseas property investors.   

Florida property market has perhaps faced the worst and if there is any validation to the stated, now is the time to look forward to the change, and seriously look at what is available on the Florida property market.

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Source by Dale Campbell