Various Views on State of Florida Home Loans in Boca Raton
The South Florida housing market has been cooling for some time now. Speaking with various insiders from that area, one receives mixed viewpoints on whether or not the state of Florida home loans in the city will continue to favor buyers.
Boca Raton realtor Marlene Piccolo, for example, doesn’t feel too concerned about the current real estate situation.
“The market’s a little slow right now, but I think it’s going to improve soon,” said Piccolo, who works for Realty Associates. “There’s a lot of product out there and it seems like potential buyers are waiting until they find the best deal.”
Piccolo made her comments while attending a recent “open house” seminar presented by Deerfield Beach-based HomeBanc Mortgage Corporation.
Inside this Florida home loan seminar
As the seminar’s main speaker, Florida Association of Realtors (FAR) President Mike Dooley gave the audience - many of whom were Boca realtors - a generally positive outlook for South Florida real estate over the next few years.
“Is the future bright? Yes, it’s incredibly bright,” Dooley said, echoing Piccolo’s sentiments. “Although we’re facing challenges, I’m sure we’ll be able to deal with them.”
The main reason behind slowing Florida home loan sales, according to Dooley, is not the rise in prices but other factors, i.e., a fear about paying higher taxes when moving from one house to another.
Dooley mentioned efforts to push a “tax portability” bill at the 2006 Florida legislative session that would help homeowners relocate while keeping the same tax base. Unfortunately, the bill died in both chambers of the legislature.
Others factors behind Florida mortgage loan slowdown
Other elements impacting home sales have been rising property insurance costs and the threat of hurricanes. Nevertheless, Dooley feels confident the real estate market will experience a turnaround in the near future.
Besides the enhanced availability of new products these days - such as instant approvals on Florida home loans - Dooley also pointed out the ongoing surge in Florida’s population.
“It’s expected to double within 10 years. Just in South Florida alone, it’s going to be approximately 36 million people when that time comes,” he said. “An increased need for housing will naturally follow suit.”
The local area’s rapidly aging Baby Boomer population is additionally expected to bring about more wealth transferences, prompting many to purchase second homes. Dooley wrapped up his talk by reminding his audience the crucial role that realtors play in the home sale process.
“Homeowners who attempt to sell their properties without realtor assistance usually don’t succeed as much,” Dooley said. “Your job as realtors is to guide people toward achieving the American dream.”
They could start by making single-familg Florida homes and other residences a lot more affordable to borrowers.
