In addition to its year-round sun and beautiful beaches, South Florida lures new homebuyers with its tax-friendly laws. Many buy their homes outright, with no financing. In fact, over a third of all real estate closings in Miami-Dade from last November through this March was in cash. In Broward County, the percentage was even higher -- between 38% and 41%. Close to half of closings in Palm Beach were in cash. Those numbers are considerably higher than the national average, which is 20%,
Buying a home is a significant event in anyone's life. Your home is likely the most expensive thing you'll own at any given time. However, most Floridians know little about real estate transactions. They rely on their real estate agents for guidance. However, these transactions are governed by state laws. Florida has some unique real estate laws. Therefore, even if you've purchased property in other states, buying a home in Florida can present some potential challenges.
You found your dream winter or vacation home in South Florida some years ago. You planned to live in it year-round once you retired. It's big, sprawling and great when all of the kids and grandkids are with you.
If you're looking at homes in Southwest Florida, then you might want to be aware that a real estate market recession could be looming. In January 2019, reports came in that new homes were being built all over Florida, but fewer people were purchasing residential properties.
Real estate can be a great way to boost your income if you intend to rent or sell for more than you paid for a home. It can also be a great opportunity to invest your money into a home that will grow with you and eventually be like a large savings account for you when you sell the property.
When you're looking into buying or selling a home, you want to look at the housing market. The housing market predicts what's to come in the future, so you can decide if now is the right time to buy or sell.
Residential real estate can be a great investment and a good way to save and invest money in yourself. Instead of renting each month, you'll be putting money toward the home, which will add up over time and create a solid investment.
With the government working to overhaul the tax system, there were some unintended consequences. Those included seeing more people moving to low-tax states, which include states such as Florida and Tennessee.
Florida has been the first to do many things, but right now it's the first in the nation for first-time homebuyers. A recent report shows that first-time homebuyers are taking up the largest portion of the market in 2018, and Florida is benefiting significantly.
If you're looking to buy or sell a home, something that is important to you is if the economy is stable and if the housing market is going to continue to climb. You don't want to purchase a home when prices are high, and similarly, you don't want to sell a home when you'd get less money out of it.