Advice for Women Seeking the Right Florida Home Loan

An overlooked result of the recent housing bubble? Fewer and fewer females are looking to purchase property. Just a couple months after it was revealed that this demographic was being targeted by real estate companies, a new survey shows that 76% of women don’t own a house.

The poll was conducted by Women and Company. Respondents pointed to various reasons for why they’ve shied away from Florida home loans recently. Among them were bad timing due to life circumstances; lack of affordability; high living expenses.

“Buying or selling real estate is a personal decision. Before you take action, examine your reasons for purchasing, your time horizon, and your fixed and discretionary expenses,” said Lisa Caputo, President and CEO of Women and Company.

The following are questions women considering purchasing a home should consider:

1. Why are they buying or selling? If they are considering purchasing a home because of pride of ownership, reasonable appreciation, tax advantages, “forced” savings, go ahead and buy. A questionable reason to buy, however, is to ride the real estate wave and make money in the short term. Not every Florida home loan market is currently open to these kinds of investments.

2. How long do they plan to stay in your home? If they are going to own your home for less than three years, they may not want to purchase because owners do not typically break even on a purchase in less than three to four years. When selling, they have to remember that if they’re selling “high,” chances are they’ll be buying “high,” unless they plan to downsize.

3. Can they afford this home? Be realistic. They don’t want to be house-poor, nor do they want to find themselves over-extended. If they are sensible about their home purchase, they can weather changes in the market and not have to sell at a less-than-perfect time. Perhaps attending a real estate course would help answer questions.

While there are no crystal balls when forecasting the future of the Florida real estate market, watching market activity, inventory and prices in their local area and determining their motives for buying will help ensure they make a solid decision that meets their needs.

As Florida home loan rates continue to rise, all buyers need to consider their mortgage options.