Florida Senior Homes Ripe for the Picking
Some consider this current situation very similar to the 1960s and they have plenty of reasons to do so. Back then you could finance a two-bedroom house for $6,999. 10 years later, a typical Florida house was approximately $15,000. Through inflation alone, that home would have cost about $32,000 by 1980. But, in fact, a typical Florida home sold for about $45,000 by 1980. It was much the same story during the 1990s. If home prices followed inflation, your typical house would have cost $66,500 at the end of the decade. But in 2000, Florida homes were valued at $105,500. The decade produced home appreciation 59 percent above inflation. Moving on to the present, a 3 bedroom/2 bathroom house in Lehigh Acres is just $31,000. If you wanted to purchase the same house a few years ago, it would probably have had a price of more than $50,000.
Although this is terrible news for sellers, we cannot hide the fact that this is great piece of information for potential buyers. Speaking of, the number of people that want to buy a house in Lehigh Acres and in all Florida is very generous. There are logical reasons for this situation as the Sunshine State offers great weather through the entire year, nice beaches, friendly neighborhood and many more. As far as the entire state is concerned, home prices have fallen about 20 percent in the past year and this trend will continue in 2011.
Speaking of the 1960s, the actual mortgage rates are easily comparable to those times which mean that the potential home buyer has a much stronger financial power. Even the smallest percentage can make a crucial difference. For example, a $100,000 home in Florida, a half of 1% could save the home owner almost $500 per year; it is not much it’s something. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.
Sale numbers are quite high, despite the current lockdown in the national real estate situation, which means that the inventory levels are dropping slowly, but surely. Real estate experts affirm that now it is the ideal time to purchase a home because prices will most likely start to rise again in the years to come, even though they will not reach the 2005-2006 prices which were overinflated anyway. This recommendation is for families that are looking to buy a new home; for people thinking of retiring and of course, for investors that have a few money saved for such special occasions – an opportunity to make a fortune in the years to come when prices will go up again.
Florida has a lot to offer to its inhabitants – it has a very strong economy, especially in healthcare and technology sectors. From a more social point of view, it is a great place for kids being a very peaceful neighborhood and offers very good schools. We will let you discover other benefits of living here after you purchase your very own home in the Sunshine State.