Not everyone is able to cruise through life without the specter of financial problems clouding difficult times in their lives. In fact, most people in South Florida would probably admit that they have had some scary times to deal with, financially speaking. For some of our readers, that scary time may have been during the darkest days of the so-called "burst" of the housing bubble a few years back. And, unfortunately, there are still many Florida residents who are trying to figure out their options when it comes to dealing with their mortgage.
Many real estate experts - and many among our readers - have been looking for signs that the residential real estate market in South Florida is beginning to cool down. For the last few years, those signs have been hard to come by. Residential development, particularly condo development, has been quite steady in the South Florida market. However, a recent report noted a factor that hasn't been seen in five years: the resale prices for condos in the local area have fallen.
Real estate transactions have the potential to get quite complex, which is why when the real estate closing is scheduled - the last hurdle to jump in the deal - no one wants to be surprised by any last-minute deal-breakers. The completion of a real estate transaction can be months in the making, especially in deals involving commercial real estate. People and companies in South Florida will want to make sure that they have the right resources available at the real estate closing.
Anyone who is familiar with previous posts here knows that it is important to check the "pulse" of the housing market before jumping into any residential real estate transaction. Doing so can be important for both potential buyers and sellers, as checking the facts regarding the current state of the market can help either party determine when is the right time to buy or sell residential property. One key factor is stability.