Trump says....."buy when no one else is buying".
I lived there for 17 years so It depends on where and what area ... East coast West coast.? Miami living, or the traffic soaked area's of Orlando, or maybe those great quality golf courses in the panhandle.?
As far as "real cost" .. the cost of insurance premiums is one big number because of the hurricanes that battered the state in 2004/2005 -- they didn't call it the "blue roof state" for nothing.!
What you need to check first is the cost of homeowners insurance, flood insurance and hurricane coverage .... folks that were paying $700 a year are now paying $1,900+ .. other folks that were closer to wet areas were paying $1,200 a year are now facing $4,500+ a year and the deductibles runs high -- plus renewals go up, not down ..... so look hard and look long.
I think it depends on where and what you are buying. Right now, in North Port you can get a 3/2/2 with almost 1700 sq ft under air, garden tub, walk-in shower, high ceilings, big lanai, fence yard, built in 2002 for $130,000. In my opinion, that is a great deal!
The question is, how much lower are that prices going to drop? I don't think anyone knows that answer to that right now.
My suggestion is ask around Panama City for a Professional FULL-TIME Realtor who has been doing this for a long time. In every market their are great buys but it comes down to you have the proper representation to identify when it truly is a great buy.
Another question that comes to mind is, should you rent or should you buy? Some people say you are throwing your money down the drain when you rent. But there are some instances when you have to rent. Some people can never qualify for a mortgage and others are just not meant to be a home owner. Overall it is almost always better to own your home rather than rent. You build equity and you can write off your mortgage interest.
People that lost their homes to a short sale or foreclosure will not be able to buy for another 2-5 years and are forced to rent. A lot of other people are also choosing to rent rather than buy. This is having an enormous effect on economic recovery. What is holding them back? People need to be able to save enough money for a down payment and qualify for a loan. Some people are looking for a new job, a better paying job, or waiting for a promotion or raise.
If you are thinking about buying now, meet with a lender to see if you qualify. Then take that leap while the market is good for buyers. Again, interest rates and home prices are the lowest they have been in years. Now is the time to buy in Southwest Florida.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL - firstname.lastname@example.org
Link below. Good luck!
Even though Mott has recieved more than his share of "thumbs down," I agree with his simple but so true statement. As a clarification, Mott is saying regardless of market conditions there are opportunities that represent value. If you are a smart buyer, the condition of the current market can be minimized and value realized......
If you are interested in Florida's Space Coast property, call the McCoy-Freeman Group, the number 1 sales team in the Cocoa Beach area for professional market advice.