There are always going to be ups and downs in any real estate market, but the markets in Florida have perhaps seen fluctuation like no other state in the last several years. As swaths of the state still feel the heavy effects of the housing bubble burst, the local area in South Florida has actually roared back in many ways. Yes, commercial real estate continues to lag behind residential real estate, but development has become a constant in South Florida over the last few years. However, that may be changing.
For many potential homebuyers in South Florida, applying for a mortgage is the least appealing part of buying a home. There are many reasons why: all the documentation that is needed, the verification of income and the scrutiny that comes from a potential lender attempting to determine whether or not the applicant will be a reliable borrower. And, since the so-called "housing bubble" burst a few years back, applying for a mortgage isn't like it was 10 or even 20 years ago. So, as of right now, are mortgages getting easier or harder to qualify for?
For many people, reaching the point where a residential real estate purchase is going to occur can be an exciting time. But, it can also be a time to focus on even the smallest of details, because the failure to do so could have serious repercussions down the road. For buyers in South Florida, well before getting ready to put pen to paper is the time to start thinking about the key terms in a real estate agreement for residential property.
In South Florida, we face a challenging real estate market. While the residential real estate market has recovered nicely over the last few years, the commercial real estate market is still tending to lag behind. However, good or bad, the local market will always present challenges to someone involved in a real estate transaction.