Fort Lauderdale Real Estate Properties and Mortgages
written by Frank Vigliotti, Realtor, CDPE, Blogger, PA
There continue to be many buyers in the Fort Lauderdale Real Estate market. Many are buying single family homes, Fort Lauderdale condos, townhomes and villas, however, the multi family home is becoming more and more popular. The mortgage conditions for purchasing a multi family property may be different. The Henri Frank Group at Remax Preferred encourages you to consult a mortgage broker. They will help you with understanding the mortgage process, especially real estate in Fort Lauderdale.
Also, you have to understand the inventory of South Florida properties available to purchase. In our last post we had spoke about the short sale and foreclosure opportunities. And many of you have responded with interest in this part of the market here in Fort Lauderdale. Well, be aware of market conditions like inventory levels, the kind of inventory and the types of mortgages and the rates. While mortgage rates in the United States are on the rise, they are still at record lows. Low mortgage rates allow more and more Americans the ability to afford their own homes.
For a 30-year fixed loan rates slightly increases from 3.38% to 3.42% within the week. The lowest record to date was in November of 1971 at 3.31%. Alternatively, for 30-year fixed mortgages we hit a low for the last 65 years at 3.66% in 2012. Averages on 15-year fixed mortgages saw a bit of a larger difference, from 2.66% to 2.71%, the record low sits at 2.63%.
We have these low mortgages rates to thank for the commencement of the recovery last year of the housing market and statistics show that 2013 could be even a stronger year. Home prices are steadily increasing, making consumers feel wealthier and in turn makes them more likely to spend. Total home sales increased the most since 2007, to 4.56 million since last year.
There are many properties in the short sale and foreclosure market are not move-in condition. There are loan products available to help. The 203K Loan also known as the renovation loan, sponsored by FHA is available. The Henri Frank Group has developed a relationship with Dennis Hearing of Wells Fargo Mortgage division. His niche in the market is the renovation-203K loan. Dennis has the experience and knowledge that can lead you through the 203K loan process. This loan allows you to finance the repairs of the home you are purchasing. There are guidelines you must follow. If you are interested in getting more information of the 203K loan, contact me and I can set you up with the information and the ways to contact Dennis Hearing, the renovation specialist.
The housing market in Fort Lauderdale and throughout South Florida has seen a strong rebound, for the mere reason that there aren’t enough homes for sale. The tug-of-war of supply and demand has call for new construction, making builders more self-assured. In addition, all-new low rates have nudged homeowners to refinance. The decision to refinance is usually made in order to lower monthly mortgage payments and in turn consumers use that money to spend more, driving economic activity up almost 70%.
The home buying market is still on its way to recovery. Many prospective home buyers aren’t able to enter a market with such low rate because they don’t qualify for the stricter lending rules now put in place or they simply don’t have the money to put down on a home. But by creating a strategy for buying in the future, contact a Mortgage Broker like Lynn Whitefall of Supreme Lending who has the knowledge of the Fort Lauderdale Real Estate market and what it will take to purchase a property.
Contact South Florida Realtors at the Henri Frank Group at RE/MAX Preferred. Offices in four Broward County cities, we are Realtors in Fort Lauderdale, Plantation, Hillsboro Shores and Wilton Manors. Fort Lauderdale homes for sale, Fort Lauderdale foreclosures and short sales in Florida, all of this market data can be provided to you. Meet the Henri Frank Group, click here.