Yes Florida is, and the economic and demographic trends forecast that over the next few years Florida will be the third most populated State in the U.S.
Online PR News – 07-March-2010 – – Feb/Mar 2010 Florida existing home sales increased yet again. This is a 17 month gradual increase on a year to year comparison. This is the latest data we have from our
Florida real estate statistics. The home sales also increased 24% last month in comparison to January 2009 and condo sales rose 81% on a similar comparison to 2009.
A healthy number of Florida Metropolitan statistical areas have reported an increase in existing home sales and condos and they report that this gradual increase in sales has now being on going for 19 consecutive months giving a more positive outlook to the market for the coming year.
Now is the time to buy:-
This is the message coming out of Florida as prices have never been so favorable and low mortgage interest rates makes buying attractive. Also buyers should have set in motion a purchase contract before the end of April to take advantage of the extended and expanded Federal tax allowances.
The Median sales price this time last year was $139.400 and now it has decreased by 6% to $130,900. The median is the mid point in half the homes sold for more and half for less, what we sometimes refer to as an average!
New Figures coming out!
The figures coming available to us is showing that with the Federal tax incentive now in the housing market that inventory levels of housing are reducing and it is expected that the market will balance out in late spring with some areas then showing an increase in prices.
The latest mortgage news is that for a 30 year fixed rate loan the interest rate averaged out at 5.03% last month and that is slightly less than the rate of 5.05% 12 months ago according to information coming from Freddie Mac on closing stats.
On the National front:-
The ever changing economic front according to Federal Reserve Chairman Ben Bernanke is a sputtering recovery! Sales of new homes on a National front slowed to a record level and considering that the Government is trying to prop up the housing and job market with incentives, Bernanke wants low interest rates to continue and also the Senate passed a bill to give tax breaks to employers. However Bernanke continues with that well worn statement now regarding the economy and the creation of jobs with –“there’s no silver bullet here” Believe it or not after Mr Bernanke making this statement investors seemed buoyed by his commitment to low interest rates and the news on home sales and the Dow Jones gained an average of 91 points afterwards circa .09%
Regarding interest rates:
Mr Bernanke could not be drawn on when interest rates could be increased again by the Fed and the feeling out there is that it could be months away.
Bernanke faces increased pressure from lawmakers in an election year. The fragility of the housing market was exposed by the government showing new home sales nationally dropped 11% last month. The Federal Reserve Chairman Bernanke pledged to keep the main rate at an all time low near zero if possible for an extended period. Low inflation has assisted the Fed in keeping interest rates low and consumer prices not including food and energy have fallen in January and this is a first since 1982.
All things considered not bad news from Florida.
So in closing Florida seems well positioned to take advantage of any recovery on the way and it is well worth looking there for an investment property now with the market in your favor. Florida is a long term growth State!
Florida is a long term growth State!
Yes Florida is, and the economic and demographic trends forecast that over the next few years Florida will be the third most populated State in the U.S. The population will grow by 75% by 2030 according to the experts and is one of the 10 fastest growing States in America. Florida population growth will continue to provide expansion for other peripheral economic development, such as new jobs and growing incomes.
All of these are positive indicators for real estate growth and a good time to buy in Florida.