There are increasing opportunities for residential home buyers in Florida. The opportunities are also ripe for those who want to sell their homes. The Florida Realtors, the state’s largest real-estate trade group, reports that Central Florida is leading most other metro areas across the state in the reinstitution of a fast-paced and vigorous residential real estate market.
The four-county Orlando metro area is in the top five markets across the state for year-over-year growth. Home prices in Central Florida continue to rise but there are signs that mortgage lenders are getting back into the swing of things and granting loans more often. The median price for a home sold last month was $172,000 across Orange, Seminole, Lake and Osceola counties. That’s a 23% jump over Sept. 2012.
The chairman of the Orlando Regional Realtor Association also stated that demand is high and in many cases there are multiple offers on properties. The Florida Realtors report says that the Punta Gorda area posted the largest year-over-year gain of 28 percent. The statewide September median home price for Florida was up 17 percent, at $170,000.
The sale of residential real estate in Florida requires a substantial amount of paperwork. First, there must be a residential real estate contract that sets forth the terms of the sale. A down payment is put down by the buyer at the signing of the contract. If the purchase-and-sale terms are not fulfilled due someone else’s fault then the down payment must be returned to the buyer. It’s recommended that both the buyer and the seller each have their own counsel representing them during the transaction in order to best navigate through the sea of paperwork involved.
Source: WMFE News, Orlando Home Prices Climb at Higher Rates, Nicole Creston, Oct. 22, 2013