The federal tax credit program is winding down, which makes it a great time to look for a new home for most home buyers. What’s also making the Florida housing market attractive for buyers is that home prices are down by 10% throughout the state, with some communities lowering the prices of homes even further.
Homes in in Fort Lauderdale, Miami, and Palm Beach reduced list prices by an average of 15%, while prices of homes for sale in Orlando were reduced by around 13% and Jacksonville homes around 11%. These are areas that have been hit the hardest by foreclosures and bank closures, and many realtors are hoping to spur home sales in the next month and a half by further reducing the prices of homes.
It’s got a great chance to work, as home sales increased in January by 28% in 16 of the state’s 19 metropolitan areas. Ocala home sales were off the charts at 58% to lead the state. And home prices may continue to fall even more to help encourage those present homeowners to take advantage of the $6,500 tax credit to upgrade to newer homes.
Florida Housing Resources
Orlanda Fl Real Estate Market Update
Mitch writes on real estate, finance, and many other things.