Florida Home Loans and Housing Numbers Dominate News
Between the unfortunate hurricane season, the exciting tourist attraction of DisneyWorld and the popularity of various beach resorts, Florida is constantly in the news. Recently, however, the soaring housing market has fueled this state’s time in the media spotlight.
Earlier this year, the area enjoyed 30% gains in home price appreciation. While these drastic increases are no longer the norm, one property group reported yesterday that in just the Palm Beach Metro area, housing prices increased 4% in October - from $400,000 to $416,000.
In July of this year, the US Census Bureau released information showing that Florida topped the list of the states adding the highest number of housing units, gaining nearly 200,000 homes over the period.
Michael Sklarz, the chief valuation officer for Fidelity National Financial, crunches numbers looking for the best balance of value and growth around the country. He often points to specific cities in Florida for the best deals.
In Pensacola, Florida, for example, the average days for a house on the market stands at a paltry 69. Meahwile, the median sales price is $211,761 and homes sold for an average of 96.45% of the listed price last year - they are currently 4,405 homes for sale in the Pensacola area.
Looking at other Florida housing markets
Palm Beach, is one of the pricier communities in Florida. As an example, there are currently 165 resales on the market, ranging in prince from $595,000 to $33,600,000. While this price may be too rich for some buyers because their debt-to-income ratio doesn’t enable them to qualify for a mortgage, Palm Beach is seeing no shortage of sales - people are always willing to shell out in order to live near world famous golf courses and resorts.
In Orlando, increasing inventory is stabilizing the once stellar seller market. Properties stay on the market longer than in the beginning of this year, say local realtors. Homes under the $150,000 mark are very difficult to find, as they are the first to sell. This is due to the rapid price increases of the last three years — up to 73% in some areas.
Across the board, homes are selling quickly and selling well. It’s the perfect time to see what sort of Florida home loan you could fetch.
