Even before 2007, the housing market started to head in a totally new direction and since 2007, the changes have been swift and dramatic.  If it has been three or more years since you dipped your toes in the real estate pool, it would be in your best interest to catch up on all the happenings and changes that will affect buying Florida real estate.

Be aware right now that the prices are low.  Today’s Florida homes for sale are selling well below what they were three or more years ago.  It is this decline in home values that has lead to the upside down mortgages plaguing the state.  You can find even lower prices on Florida REO properties, Florida HUD foreclosures and Florida VA foreclosures. 

At the same time, lenders are tightening their lending practices to prevent future market crashes.  It is important to exercise due diligence to find the right financing that fits your financial situation.  The loan you took out 5 years ago probably won’t be the same loan you take out this year.  This is especially true of flexible ARM and interest only loans.  Interest rates are also lower right now and buying a few extra points to lock in a low fixed interest rate for the next 30 years is a good idea.

The part that most people aren’t aware of in today’s Florida real estate market is that sales are going up.  You are definitely not the only person who is going to go out there and take advantage of these rock bottom Florida home sale prices.  Some areas of Florida are already showing a 30% increase in sales over last year.  You have to realize that although the market is overwhelmed with bargain properties, there are still buyers out there eating it up and if you want to get in on the game, you have to start today.  Prices will start to rise again.

Florida REO properties make up a huge portion of Florida homes for sale in today’s market.  Short sales and foreclosures are right up there too.  Don’t discount Florida HUD homes and other types of foreclosures too.  So if you want to take advantage of even lower prices and you have the credit to do so, you should definitely consider buying Florida REO and Florida HUD homes from agents that are experienced and authorized to handle such purchases.  These type of transactions require a clean credit history and solid down payment, but are well worth the investment.