Back when the housing bubble burst a few years ago, billions of dollars of home equity was lost by millions of homeowners throughout the country. Florida in particular saw home values plummet drastically, and there is still a long way to go before values return to pre-bubble figures - if they ever do. Nonetheless, there is a strong housing recovery taking place in South Florida, even if we are years from a return to relative stability. However, the local market is still dealing with the aftershocks of that bubble bursting, with many homes in South Florida still "underwater."
Most of our readers know that buying a home is one of the biggest decisions they will ever make in life. It can be such a financial commitment to own a home that jumping into the residential real estate market without knowing what to expect can leave a prospective buyer's head spinning. With all of the details involved, from negotiating contract terms in real estate agreements to unexpected title issues, it can seem like the whole process takes forever between that exciting period of house hunting to the actual real estate closing. So, for potential buyers and sellers in South Florida, what can they expect?
For most prospective buyers getting into the real estate market, one of the key steps in the process is applying for a mortgage. This process can be a bit tedious, with the mortgage broker requiring loads of information before a decision is made. But, in South Florida, it appears that this part of the home buying process is being circumvented with more regularity.
As spring gets ready to give way to summer, there are all kinds of activities that begin to ramp up. Although South Florida usually has beautiful weather year-round, there is still a sense of seasonal change as local residents begin to take part in more summer activities, such as riding motorcycles, camping or just getting the boat out of storage and ready to hit the water. What's another activity that usually hits a high note in the summer? House hunting.