The Florida Real Estate Market A Home Buyer's Playground

According to the latest sales figures, the real estate market country wide has turned in favor of the buyer. Both existing home sellers and builders are now working even harder to make that sale, and as a new home buyer, you are the beneficiary of this trend.

Making the most of a buyer's market

While home sales in the southeast have not taken as much of a downturn as they have in other places like Arizona and California, there are still excellent deals to be found in the Florida real estate market. An abundance of existing homes on the market in Florida, combined with continued growth in the new home construction market, make for a wide array of choices for the Florida real estate buyer. Now is the time to find that Florida dream home you've been looking for.

More bang for your buck

In the last quarter, the average price for a new home has fallen. In Florida, homes are sitting on the market longer, and Florida home builders are offering greater incentives to bring in new buyers. This means the Florida home buyer has a better chance of getting the home they want at a price they can afford. There has never been a better time to invest in a new Florida home.

The end of interest rate hikes?

Economists predict that the Federal Reserve chairman's recent interest rate hikes may be coming to an end. That means rates will stabilize, while staying at lower levels than those seen in the mid to late nineties. As a buyer shopping in the Florida Real Estate market, that means you can obtain a new home loan at a reasonable rate, and not worry about interest rate hikes driving monthly payments out of your price range before you find the home you're looking for. You can calculate in advance the monthly payments you can afford, whether you choose a fixed or adjustable rate mortgage, before you begin searching for that dream house.

Shopping around in the Florida real estate market

This brings us to the next point: when searching for the perfect home, take your time to shop around and see everything the Florida real estate market has to offer. With so many existing homes on the market, and continued growth in the new construction, there is no need to rush your decision. Buying a new home is a huge investment, and should not be something you rush into. In today's Florida real estate market, there is absolutely no need to jump into anything.

Narrowing your selection

So how does a smart home buyer use the current Florida real estate market conditions to their advantage? They shop around! To do this, find your ideal neighborhood, one that offers the schools, shopping, amenities, and proximity to work that you desire. Once you find your neighborhood, you will likely find several existing homes on the market there, as well as newly constructed homes offered by several different developers. Interview each developer, and look at all of the existing homes available in your price range. Once you do this, narrow your selection further by choosing two existing homes and two home builders that meet your needs.

Price range: new construction vs. existing homes

Remember, if you are shopping for a new Florida home, there are several things to consider when deciding how much home you can afford, and whether to go with new construction or an existing home. The first consideration must always be repair costs. If you purchase a high-quality newly constructed Florida home, this becomes a non-issue. These homes are brand new and often under warranty. One caveat, the key words here are high quality. Some Florida home builders are using cheaper materials in order to stay competitive in the current Florida real estate market. This means you aren't getting the same level of workmanship and quality that you would if you purchased a home from a builder who continues to use the best materials. You may pay a little more for these homes, but that extra cost is well worth it in the long run.

If you find an existing home that you simply must have, be sure to make use of the inspection process and carefully calculate repair costs, adding those into the final price of your home.