Historically, the real estate market in Florida has gone through several cycles of boom, bust and then back again. At present, Florida’s housing market appear to show some signs of life with existing home sales picking up by 7 percent in the 4th quarter of 2011. Median home prices have stabilized and business hiring is on the uptrend. Meantime, average rates on 30-year conventional home loans continue to hover at historical lows. The proverbial light at the end of the tunnel is in sight as far as housing activity is concerned.
The housing bust devastated many South Florida communities but desirable areas such as Coral Springs, FL. have been largely spared from the glut of foreclosed and abandoned homes. With a population of 5.6 million and counting, it occupies the northwestern corner of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area. Coral Springs is a master-planned community by a Westinghouse affiliate. As such, it adheres to strict zoning regulations and enforcement, helping to shore up home values in the midst of a recession.
For this reason, the city’s housing market has remained a bright spot in the region’s rather dreary state in the last five years. As in the rest of Florida and the nation, home sales prices in Coral Springs, FL. certainly followed a downtrend, declining by as much as 55 percent since the real estate bubble burst in 2006. However, the most recent data indicate that some optimism is called for with sales prices increasing by 68 percent in 2011 compared to the previous year.
The interest in Coral Springs real estate can be attributed to the presence of good schools, a thriving art and cultural scene and well-kept neighborhoods conducive to raising a family. Parks, recreation and shopping areas abound in the city.
The fact that mortgage applications are down in South Florida is not relevant in today’s housing activity since cash sales by investors are running the market. Home buyers seeking to acquire their dream home are up against cash-rich buyers, many of whom are Europeans and South Americans shopping for vacation homes or investment properties.
Industry experts advise buyers to be proactive by prequalifying for a home loan prior to house hunting in Coral Springs, FL. Engage the services of a local Realtor who knows this area. These professionals will provide information on the best neighborhoods for your needs. They will also guide you through the complicated buying process, including obtaining a mortgage.
Visit Ace Mortgage Loan Corp. in Coral Springs, FL for all of your mortgage and home loan needs. Ace Mortgage Loan Corp. has been in business in Coral Springs, FL since 1996. They help you refinance, obtain a mortgage, obtain a reverse mortgage, and much more.
Recent changes have added some road blocks to home buying. Property appraisals that have always been mandatory in obtaining a home loan are now handled differently. Home buyers have cited imprecise appraisals as the reason that home loan applications are denied. Home sellers eager to move on point out that incorrect appraisal by property appraisers who are not attuned to the local market are unfair to buyer and sellers.
Avoid being shut out of the bidding when you finally find the right property. Be prepared for all contingencies, foremost of which is a pre-approved home loan. Visit Ace Mortgage Loan Corp. in Coral Springs, FL for all of your mortgage and home loan needs.