I appreciated Ron Shuffield’s update on Tuesday regarding Trendgraphix. According to the statistics, one half of the single family homes for sale in Broward County are under $300,000. Since FHA allows for mortgages up to $423,000 it would make sense that this may be the beginning of the recovery we have been waiting for.
Even if FHA lowers the allowable mortgage due to the decline in the market, there are plenty of properties that qualify under their terms. With their currently required 3 % down payment and the Seller paying all the closing costs, it is possible for someone with $10,000 to purchase a home. That’s less than most people pay to rent a home on an annual basis.
As Realtors we owe it to our customers to keep them informed about the market trends, and unless there is a major meltdown in the financial industry it seems that interest rates will continue to remain under 6% for some time. With more affordable housing and low interest rates it seems to be the perfect time for those who have been renting to begin buying.
I have also been reading many articles about the sales in California and Nevada picking up. South Florida is beginning to see the same in some areas, such as Weston. Since we usually follow what California experiences it would be a good idea to subscribe to the “google alert” for news about real estate and mortgages around the country. That may be one good way to remain positive in these challenging times. I’ll paraphrase Ron in saying that when the market turns around, it will do it so quickly that you’ll never know what hit us. Ron, from your mouth to God’s ears!