We have seen many big changes in the real estate scene in Florida (and many other areas in US) in 2013.
Home price increased at 2 digit rate, very tight house inventory and tight lending requirements made home purchasing more difficult for buyers, especially for the first time buyers.
On the other hand, increasing value of homes helped many homeowners to be out of “underwater”.
Florida Realtors® recently released a report “2013 profile of Fla. homebuyers and sellers”
Some highlights are;
• 27 percent were first-time buyers compared to 38 percent nationally – a lower percentage than the 40 percent historical norm.
• 26 percent of buyers said the mortgage application and approval process was somewhat more difficult than expected; 20 percent said it was much more difficult.
• Twelve percent of buyers overall said saving for a downpayment was difficult. Specific Florida problems: 32 percent reported student loans, 52 percent credit card debt and 20 percent car loans as problematic.
• Sellers typically sold their homes for 96 percent of the listing price, and 52 percent reduced the asking price at least once.
• 10 percent of recent sellers had to delay their home sale because the value of their home was worth less than their mortgage.
If you would like the full report, please contact us.
By Yuki Yamasaki