Rent or buy? This is a question that millions of people face when it comes to deciding where -- and how -- they will live. Many more people will be facing this question in the coming months as graduation season gets into full swing and young people everywhere begin their professional, 'adult' lives. The question of which option is better between renting and buying residential property has proponents on both sides, and there are usually a variety of factors to consider when it ultimately comes down to making a decision.
Take the good with the bad, weigh the pros and cons - most of our South Florida readers have heard these clichés before. However, when it comes to deciding on when - or if - the timing is right to jump into the steadily improving residential real estate market, these clichés could do both buyers and sellers some good.
Imagine what it is like for a person to be placed in a position where they have to sell their house in today's national housing market. For millions of people throughout the country, this point in time can be a depressing one. Not only will many people have to face the prospect of selling their homes for far less than they ever thought they would be able to, but selling a home could also come with title issues, disagreements over contract terms and lack of disclosure claims. It's is in the faces of millions of Americans every day: the residential real estate market is still struggling badly in the wake of the economic recession and the bursting of the housing bubble.
A successful real estate closing is the ultimate goal for both buyers and sellers in the housing market. Readers familiar with previous posts here probably know by now that a lot of successful closings appear to be taking place throughout the South Florida region, as the local housing market has seen a thriving recovery in recent months - an exception in an otherwise continually lackluster national market. A recent article detailed some data on the South Florida market which shows a continuing trend of upward growth in residential real estate.
Residents of South Florida have no doubt seen firsthand by now the land development rush in the area. Residential development, in particular, has been seeing quite a jump over the last several months. Many market watchers across the country have taken notice of the winning streak that residential property in South Florida has been experiencing, and one article recently focused on the prospects of the local condo market.
Although residents of South Florida are probably getting used to seeing mostly positive headlines when it comes to the real estate market, it can be easy to forget that Florida residents statewide are still having a lot of problems with banks and lenders. With year after year of signs of only a tepid economic recovery, making the mortgage payment is still the hardest part of daily life for millions of Americans, including many in Florida. And, according to a recent report, January of 2013 marked the fifth month in a row in which Florida led the nation in the foreclosure rate.
How long is it going to take for the housing market to recover? This is a question that millions of homeowners across the country have been asking themselves for years now. But our regular South Florida readers know that the local area has seen a substantial improvement in the residential real estate market, especially in the last year. So, while large swaths of the country continue to plod through a mediocre-to-poor housing market, South Florida has seen recent expansion plans for land development due to the hot housing rebound.
Any of our South Florida readers who are familiar with previous posts here probably know that the local area has been quite a hotspot for real estate in recent months. Residential property values are growing, and sales have started to pick up as well. However, even if our readers consider this old news, they may not have a full grasp of just how nicely the real estate recovery has taken hold in South Florida. But, a recent report has certainly provided the right context.
The new year has brought some good news for the housing market, and not just in South Florida. According to a recent report on residential real estate, single-family home prices are continuing their upward trajectory across the country.
Although previous posts here have covered the rebounding South Florida real estate market extensively, it appears that even though the area at large is a hot market, individual areas are doing better than some others. And with the inventory of residential real estate beginning to shrink dramatically, the price increases may continue.