Florida’s existing home and existing condo sales rose in January 2011, according to the latest housing data just released by the Florida Association of Realtors®. “Now is a great time for anyone thinking of buying a home in Florida to make that decision,” said 2011 Florida Realtors® President Patricia Fitzgerald.
Barbara Corcoran, NBC’s “Today Show” real estate “expert” seems to agree, saying February 24th “there’s little upside to waiting [to buy]…there’s cheap homes, cheap financing.” The program went on to outline what home buyers need to be approved for financing a purchase: good employment history, good credit, a solid down payment, and ample cash savings (at least six months of mortgage payments in bank account, in addition to the down payment). Corcoran also commented that changes are coming that will make getting financing even more difficult in the future, another reason not to wait to buy a home, if you’re in a financially sound position, and if you plan to stay put for five years. (Watch NBC real estate segment with Barbara Corcoran, “Is Renting the New Buying?” further below…)
LATEST FLORIDA RESIDENTIAL HOME SALES STATISTICS
Florida’s condo market activity heated up in January with strong sales activity over last year. In Florida’s year-to-year comparison for condos, 6,681 units sold statewide in January 2011 compared to 4,916 units in January 2010 for an increase of 36 percent in sales transactions. No wonder more buyers (those with the means — sound financials or cash), are making purchases with Florida condo prices currently more affordable than any time in years. According to FAR condo sales data, “The statewide existing condo median sales price last month in January 2011 was $79,400.” (Median price means half sold for more and half sold for less than the median price.)
Florida’s existing single-family home sales transactions increased 14 percent last month with a total of 12,151 homes sold statewide compared to 10,702 homes sold in January 2010, according to Florida Realtors®. Florida’s median sales price for existing homes last month was $122,200.
Lot’s of people are wondering about whether they should rent or buy a home. Whether to rent or buy depends on LOCATION! LOCATION! LOCATION!. In Jacksonville and Miami, Florida, it’s better to buy than rent (read this article for more on Jacksonville’s rent ratio). Miami’s rent ratio is 6 and Jacksonville, Florida’s ratio is 8, according to Trulia’s “Rent vs. Buy Index” for the first quarter of 2011. Barbara Corcoran on a recent Today Show, offered advice in a segment called “Is Renting The New Buying?” Watch the NBC Today Show segment about this topic below:
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FLORIDA STATEWIDE OPEN HOUSE WEEKEND MARCH 26-27, 2011
FAR’s President also says, “Mortgage rates are historically low, although they are beginning to tick up slightly as the economy shows signs of strengthening. Conditions remain very favorable for buyers, with a range of housing inventory and attractive prices. Homebuyers soon will have the opportunity to visit a number of open houses in their preferred locales all in a single weekend, as part of the second annual Florida Open House Weekend, March 26-27, 2011. From the Keys to the Panhandle, Realtors® across Florida are participating in this statewide open house event sponsored by Florida Realtors®. Consult a local Realtor® about Florida Open House Weekend, and find out more about qualification criteria and opportunities in your local housing market.”
THINKING ABOUT MOVING TO NORTHEAST FLORIDA?
Here in the Jacksonville, Florida MSA, existing single-family home sales transactions were up 7% in January 2011, compared to a year ago, with a median home sales price of $129,600 (prices were down 6% from last January in 2010). In the Jacksonville MSA condo market, existing condo sales were up 34% while prices were down 18% from last January, with the median sales price of a Jacksonville area condo $71,400 in January 2011, according to FAR data.
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Those who wish to further research Florida real estate market data and news releases can check out the Florida Association of Realtors® website.
