The Frontlines in SoFlo

Hello, this is Cheryl Hazel, coming to you from the frontlines of the south Florida real estate market. It seems that both the Seller and Buyer garrisons are firmly entrenched and waiting for a breach. Based on recon missions by local agents, both sides seem to be at a stalemate. With prices remaining strong despite a 15 year high in interest rates, both Sellers and Buyers are forced to patrol their lines waiting for a breakout. The scuttlebutt is that we can expect more price decreases as the year progresses. This will give an offensive advantage to bring buyers back into the market. We will standby!

Homeowners who have been waiting to sell, will be more willing to list their homes if they have more options in a home purchase. AND, there is Big-Big News for first time home buyers. Effective July 1st, if you have been renting for the last three years in South Florida, you may be eligible for down payment and closing cost assistance of 5% (up to $35,000) of the loan amount through the new Live Local Act. As your Realtor, I am also able to negotiate an additional 3 to 6% of the sales price on top of that, depending on your loan program. You must work a minimum of 35 hours per week for a Florida-based employer. If you are self-employed, your company must be registered through Sunbiz.org. Retired veterans are eligible, as well as active military and spouses of deceased veterans. In addition, the interest rate offered is LOWER than current market rate. Credit score 640. This loan program is only available through approved lenders in the state of Florida. For all the details reach out to me at 754-207-4504.

If you are considering a condo purchase, keep this in mind. After the market crashed in 2008, condos went down faster than single-family homes. Fannie Mae and other lending types like FHA and VA put certain requirements in place for condo financing, which have been lifted in all states except for Florida. Due to the large number of condos in Florida, there are specific requirements for financing, which depend on the down payment and first mortgage amount. Most condo purchases in the state of Florida require 25% down. I have access to a select list of condos approved for financing below 25% down. Read more here, https://www.allhomesinsouthflorida.com/blog/townhomes-vs-condos/ and reach out to me if you are interested in a condo purchase with less than a 25% down payment. #allhomesinsouthflorida #southfloridarealtor #southfloridacondo #firsttimehomebuyer

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