Another Good Year for Florida Home Buyers!
By Sizzling Florida Properties Inc.
Here are 7 good reasons to buy a Florida home in 2008
o The supply of homes are still increasing -The number of homes for sale in Florida continues to increased faster than home that are selling, creating a continued surplus of homes where in some locations has lasted 3+ years. Obviously some areas are seeing higher numbers than others. Here are some stats:
South Florida home and condo sales saw a weak fourth quarter, as sales and prices declined or stagnated across the board.
According to the Florida Association Of Realtors, single-family existing home sales saw the largest decreased in Miami, where they fell 47 percent, to 966 home sales in the quarter from 1,828 the prior-year quarter, and median sales prices slipped 3 percent, to $358,400 from $370,400. In Fort Lauderdale, sales fell 31 percent, to 1,244 from 1,814, and median sales prices fell 4 percent, to $344,000 from $359,600. In West Palm Beach-Boca Raton, sales decreased 21 percent, to 1,376 from 1,750, and median sales prices fell 6 percent - the largest drop in South Florida - to $344,000 from $367,900.
In areas near South Florida, sales:
" Fell 32 percent, to 854 from 1,254, in Fort Myers-Cape Coral, as prices decreased 11 percent, to $230,400 from $258,500.
" Fell 30 percent, to 697 from 1,002, Fort Pierce-Port St. Lucie, in as prices decreased 17 percent, to $200,600 from $242,900.
" Fell 24 percent, to 1,114 from 1,458, in Melbourne-Titusville-Palm Bay, as prices decreased 13 percent to $180,600 from $207,300.
" Fell 20 percent, to 64 from 80, in Marco Island, as prices decreased 3 percent, to $505,900 from $520,000.
" Fell 29 percent, to 524 from 742, in Punta Gorda, as prices decreased 17 percent, to $174,000 from $209,500.
Statewide, sales of single-family existing homes tumbled 31 percent, to 26,130 from 37,879, as prices fell 10 percent, to $216,000 from $239,800.
Condominium sales painted a similar picture. According to FAR, existing condo sales fell 39 percent in Miami, to 1,041 from 1,694, as median sales prices stagnated at $265,700, an incremental decline from $266,500 in the prior-year quarter.
In Fort Lauderdale, condo sales fell 26 percent, to 1,309 from 1,762, and prices decreased 18 percent, to $166,100 from $202,900. In West Palm Beach/Boca Raton, condo sales fell 16 percent, to 1,158 from 1,375, and prices plunged 26 percent, to $163,900 from $220,100.
In areas near South Florida, condo sales:
" Fell 18 percent, to 260 from 317 in Fort Myers-Cape Coral, as prices decreased 26 percent, to $198,100 from $268,300.
" Fell 10 percent, to 166 from 184, in Fort Pierce-Port St. Lucie, as prices decreased 5 percent, to $180,000 from $190,000.
" Fell 28 percent, to 217 from 303, in Melbourne-Titusville-Palm Bay, as prices increased 1 percent, to $167,900 from $166,800.
" Fell 4 percent, to 79 from 82, in Marco Island, as prices decreased 20 percent, to $360,700 from $450, 00.
" Fell 58 percent, to 58 from 132, in Punta Gorda, as prices decreased 18 percent, to $157,100 from $191,400.
Statewide, condo sales fell 27 percent, to 7,923 from 10,920, as prices decreased 8 percent, to $189,600 from $205,800.
These are state numbers from the FLORIDA ASSOCIATION OF REALTORS®
o Florida prices are way down-Because of the surplus of homes on the market sellers have been forced to reduce prices to be more attractive. It has not been uncommon to see areas that have gone down as much as 30
o Florida sellers are very motivated- Because of the large competing inventory serious sellers are more willing to negotiate. They know that you the buyer have lots of homes to choose from. Sellers know their home has to be more attractive to you than their neighbor's home.
o Interest Rates are historically very low- 30-yr fixed rate mortgages are at a little over 6 and 5.25 is on the low side. Take advantage of cheaper money.
o Reduce your present home sales price and get a big cut on your new homes sales price- If you currently own a home that you need to sell in order to buy a new and more expensive one, think about discounting your home let's say by $25,000 or so to sell it fast. And get a much bigger cut $60,000 or more in savings when you buy your new home. Act as a buyer expecting the seller to negotiate and reduce their price to entice you to buy their home.
o Buyers have many options to choose from- and sellers know that. A few years ago buyers had to settle for what was available even though the home was not really what they wanted, because of bidding wars and multiple offers. Now buyers can pick and choose and in many cases get more than they thought they would.

o Short sales are a possible option, - The number of short sales and foreclosures are climbing. They may be a great opportunity but be prepare to deal with a lot of red tape. The banks are slow to reply. Weeks sometimes months pass by. You must have a company that knows what they are doing when negotiating with banks.
So now you can see the reasons why 2008 is going to be a great year to buy a Florida real estate. 1st time buyers, upgrading to a bigger home or down sizing. You can access free additional Florida real estate information. At :
http://www.sizzlingfloridaproperties.com/