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 Why Buy Here:
Noteworthy Facts About Local Real Estate
When is
the best time to buy a home? When the time is right for you!
No one will know when the bottom has been reached until the
prices have started to rise - some experts think that we are
already on an upward sales trend because the growth of
available inventory has slowed down, while others think that
there are more foreclosures and instability to come.
If
you are still unsure, then consider these facts:
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Interest rates are still low, compared to the
early 90s.
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Gas
rates are higher than we have ever seen them but no one is
waiting in line for hours to buy fuel like we did in the
70s.
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Even
though we are in the strike zone for hurricanes, we have not
had flooding and devastation to the extent that some areas
of the country have experienced. Consider this tidbit from
Fortune Magazine, which recently reported "Economists and
geographers who have studied how natural disasters affect
real estate values have generally found there to be no
lasting impact." Grant Thrall, a professor of what is called
Economic Geography, explains the phenomenon this way:
residents move away and home prices fall only when natural
disasters start becoming regular occurrences in an area, not
when they happen periodically. And while the hurricane
seasons of 2004 and 2005 may still be fresh in our minds,
the fact is, historically, it was a fluke. Eight storms hit
the Florida mainland in those two years. But if you look
back at the 50 years prior, only six Category 3 or higher
storms hit the Florida mainland in half a century! After the
hurricanes of 2004, Palm Beach County bounced right back
with minimal downtime because we have a good infrastructure
in place with reliable utilities and services.
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The
weather in South Florida typically has 360 days of sunshine
each year and temperatures that rarely drop below 70°F!
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The
real estate market, like everything, is cyclical. Recently,
economist Dr. Hank Fishkind of the University of Central
Florida offered this historical perspective: "The history in
Florida is that house prices jump up...and then they flatten
out."
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Our
economy is good and getting better. According to
CNNMoney.com, of the Top 10 Cities to Buy Real Estate, three
are in Florida.
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The
economic output of the state of Florida was $744 billion
in 2008. That figure is based on current dollars (nominal
GDP), while the inflation adjusted GDP, real GDP, based on
prices in the year 2000, was $603 billion in 2008,
according to data from the U.S. Department of
Commerce.
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Florida has the nation's 4th largest GDP, and
is 19th largest in the world.
- Florida has no
individual state income tax.
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Florida is fast becoming one of the nation's
leading technology states. Led by the steady growth of
Scripps Florida in Palm Beach County, the state has emerged
as one of the top sites for biomedical research and
development. Site Selection magazine recently rated Florida
7th in the nation as a life science research and development
location among site selection consultants and real estate
executives.
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For
international buyers, the dollar now buys more for your
money.
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Private property is guaranteed by the government,
there are no restrictions for non-US citizens in purchasing
property and permanent residency is not required.
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The
median home price in this area is $270,000.
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