The Florida real estate market is not what it used to be in the good old boom days. But there are several reasons to be optimistic about 2009! Declining prices in most markets continue to make Florida homes more affordable for first time and move up buyers, while vacation homes and investment properties have become bargains to some international buyers.
While many experts believe prices may not reach a bottom until 2010, specially in the hardest hit markets, and that foreclosures will continue to put downward pressure on median home prices; there are some positive factors for the state’s market in 2009.
The federal income tax credit of up to $7,500 for first time home buyers and the portability of some property tax benefits are some of the incentives for primary homeowners to buy a new home. Some other opportunities the market presents in addition to first time homeowner programs are cheap mortgage rates, lower prices, great inventory and the surge in distressed properties. Let’s see what happens!
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