The housing market in Florida appears to be booming these days -- quite the opposite of the condition of the market around the time of the recession in 2008. This leaves questions about whether the residential real estate market will end up bursting again like it did nearly a decade ago. Fortunately, experts say that a repeat of the housing market bust is unlikely moving forward.
When the housing market plummeted years ago, it fell hard and fast. The fall has been likened to a Slinky bouncing down the stairs, as housing prices in the market fell in a series of jolts that were seemingly unpredictable. Prices finally hit bottom in the early part of 2012.
When the market fell, appraisers started to focus on the foreclosed properties that banks were selling, as well as future sale contracts, in order to determine the values of properties. However, prices have since risen, even with the current price increases in Florida being slow. The real estate problems witnessed in Florida years ago were blamed on a combination of reckless buying on credit and irresponsible lending, both of which are no longer issues today, with both lenders and buyers approaching home purchases more cautiously than they did in years past.
Purchasing or selling a home can be exciting, yet intimidating, because of the many complex steps involved. Forgetting an important step or proceeding with a residential real estate transaction incorrectly can have a negative financial impact on a person or cause a deal to fail altogether. Proper legal guidance may help people to successfully navigate their transactions and achieve their particular objectives in the Florida market.
Source: news-press.com, "Experts say another real estate bust is unlikely", Dick Hogan, Aug. 10, 2015