With a glut of homes on the market and a shortage of buyers, it may seem like this may not be the time buy a piece of real estate, but actually this is the PERFECT time to buy a home or investment property. With prices dipping and incentives everywhere, there are some exceptional properties available for sale at tempting prices. Add competitive interest rates and below market financing programs and you have the recipe for a great deal!
Tampa Bay area Sellers have gotten the message and are now pricing their homes more aggressively to sell and pairing that with some very creative methods to assist the home buyer in making the decision to purchase their house. Recent incentives have included boats or cars with the purchase of high end properties, buyer bonuses on new home purchases that include cash and closing cost assistance, first years taxes and insurance paid, maintenance fees paid on condo properties and many other creative ways to make their home salable. Some Sellers have also agreed to a lease-to-own or seller financed option, rather than an outright sale.
The continued low mortgage rate is a huge incentive to buy now! Brian P. Forrester of HomeBanc states, ?According to the FHLMC (Freddie Mac) website, since 1971 rates has been below 7% only 69 of the last 425 months. With rates continuing to trend downward through 2007, now is a great time to buy.? Banks are also working with Sellers to ?Buy Down Interest Rates? or offer ?Below Market Financing? options on these loans to get even more purchase power for today?s first time home buyers and people who are ready to move up to a bigger home.
Limited land makes real estate tempting! According to longtime agent Rick Tennant, ?Purchasing property in Pinellas County is a great investment as the area is now almost completely built out paired with a continued influx of new residents. As the Baby Boomers move to the warmer climates, our area will continue to be a destination and this will help to stabilize prices, lessening the risk for an appreciation decrease.?
The area?s second homes and vacation property markets will also continue to bring in interested buyers and investors (both from around the country and internationally) for many years to come! Recently I have had a number of inquiries from Canada, Scotland and the UK ? all buyers who would like to purchase investment or vacation homes in Florida. These buyers are motivated to view only properties that fit their criteria and make offers swiftly as they are only in the country for a short time each trip.
Finally, one of the best reasons to buy now is Uncle Sam! Closing by December 31 allows you to deduct mortgage interest, property taxes and points on your loan from your income tax return. Now would also be a great time to 1031 Exchange your current investment/second home into a higher valued property.
All these reasons and more make it the perfect time to buy real estate in Pinellas County!
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