The present snapshot of the real estate market in Florida discloses the existence of an astounding number of 155,007 Florida foreclosures that are scheduled for auction in the imminent future. The median price of these seized properties is $158,020. In addition, there are as many as 297,621 other FSBO and MLS foreclosed homes for sale, carrying the median asking price of a substantially higher $209,000. The 814 new homes available for purchase predictably sport a substantially higher median asking price of $261,937.
This clearly underscores the desirability of the foreclosed homes as a buying proposition and an investment decision for buyers. It becomes obvious that one can hope to pick up an elegant home at approximately two-thirds of the average going price for homes that are governed by market forces. That’s a substantial discount by any reckoning. The frenzied surge of buyers at the foreclosure auctions and their intense competition prove that the buyers have tasted the possibility of profit and are itching to realize it.
Motivating Factors for Purchasing Foreclosures
Indeed, people who wouldn’t normally have considered buying real estate for themselves are now doing so. The ongoing spate of government foreclosures across the length and breadth of the US has doubtlessly caused anguish to the dispossessed homeowners. However, it has also spelt considerable delight to the numerous buyers who throng the foreclosure auctions in the hope of espying their respective dream homes among the properties on auction.
Indeed, there is a merry conjunction of facilitating factors driving buyers passionate about purchasing properties. These include the consistently declining home prices and mortgage interest rates in recent times as well. Besides, the various resuscitative federal measures to perk up the sagging economy contain several incentives for buyers. One of these is the $7,500 interest-free federal grant that first-time homebuyers are now given, to aid their home-acquisition efforts. A word of caution may be added at this stage. You ought to hire an expert property broker to guide you through the labyrinth of the Florida foreclosures. A veteran agent can have you rest easier about the security of your financial interests.
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Written by Alex Rolim.
