WHY ARE HOUSING PRICES IN FLORIDA HIGHER IN 2022?
The housing market in Florida has been booming for the past few years. The state’s population has grown rapidly, and people have been flocking to Florida for its temperate climate and tropical lifestyle.
However, many people are now wondering why houses are so expensive in 2022 compared to earlier years. Some experts believe that the reason is because of an influx of foreign investors who want to buy homes and rent them out.
Foreign Investment
The problem with this theory is that it’s not just foreign investors who are buying up properties in Florida; they’re also being purchased by local residents and other Americans from other states who are looking for a place to retire. These retirees often have plenty of money saved up from their careers but may not have time left on Earth to enjoy it — so they purchase homes in Florida instead. They may also be hoping that their children will inherit those homes someday.
Reverse for Purchase is a great option for Seniors to take advantage of housing prices
Since the housing prices are higher now than in years passed ,if you are 62 years or older you can increase your buying power by using a Reverse for Purchase mortgage. Here is a example. Sally and Jim sold their home in NJ for $200,000 they netted $180,000.00. This is the money they are using to purchase and pay cash for their new retirement home in Florida. They find that $180k does not buy much of a home anymore. They are on a fixed income and don’t qualify for much of a loan. Using a Reverse mortgage they can borrow an additional $180,000 making their buying power now double.
The best news is they don’t have to make any mortgage payments. Call to ask me how.
At Debbie Cooley Mortgage, we promise the best mortgage advise available.
To schedule your consultation, call 727-688-2851 or visit us at https://debbiecooleymortgage.com/contact/
Debbie Cooley | NMLS # 210817
Debbie Cooley Mortgage | NMLS #836635
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