What are
the most frequently-asked questions from
clients seeking our free
advice?
Are there bargains to be
found right now?
Yes.There are many, many homes for sale, equivalent to almost a full year’s
sales in the Orlando area.Sellers are
increasingly realistic in setting prices and accepting offers.Builders are immensely more flexible than they
were one to two years ago.Added to that,
the dollar/pound exchange rate means that homes represent even more
value-for-money than they have done for a long time.
So every seller is
prepared to accept a big price cut?
Not all owners, by any means.The old rules still apply - "special"
Florida property (e.g. with water or conservation views) is
still scarce and these sellers still drive a harder bargain.Some are even prepared to hold on until the
market changes rather than take a low price now.So if you’re coming to Florida soon: by all means expect to make offers
below the asking price, but don’t be too surprised if the owners of that
especially-exquisite home are tougher than you’ve been lead to expect.
What is the likely trend in
prices?
There are opposing views.Some pundits believe we’ve reached the bottom
and now is the time to buy.Others
believe that the weaknesses will continue into 2008.One point to bear in mind: be careful that, by
the time upward trends are obvious, it’s not too late to find a bargain.
After all of this year’s mortgage problems, is US
financing available?
Lots of lenders have now abandoned the
vacation home market, but some lenders are still actively servicing
international buyers, although they are looking for higher (25% or more)
deposits than before and they apply more rigourous
conditions.
Is it cheaper to raise finance in the UK or the
USA?
The answer will vary with individual
circumstances, but it it may well be less expensive to raise finance in the UK –
rates are coming down in US but premiums for overseas borrowers remain.In addition, fees and “closing costs” are
generally reduced if a Florida property is purchased as a cash
sale.
This is of course only an overview of current conditions.For free help and guidance tailored to your
own individual plans for buying Florida property, click here:http://www.buying-florida-property.co.uk/buyingfloridaproperty.html- this site also includes a link to the Realtor database
containing thousands of Florida properties for sale (the
"MLS").
