Florida Real Estate Climbing Property Values

Dated: September 1 2015

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Did you miss the real estate boom in your local market? Many people have... The latest example is of homeowners in good old Fargo, ND. With the oil boom in the western part of the state to the non-stop commercial and residential growth of the FM area, many people have found themselves scrounging to find a reasonable single family home let alone an investment property or a "FLIP".

Fear not! Florida is the last state in the nation that is still in full on recovery and growth-mode! To compare, Fargo, ND is an area of roughly 250,000 people and Pinellas County is close to double that. Fargo, ND has 1-2 properties per month come on the market that are bank-owned or short sales. Pinellas has 15-20 properties PER DAY that are bank-owned, auction/REO, or short sales.  Why is this important? Bank owned properties sell for 10%-15% less than regular owner-occupied properties on average in 2013-2014. They also are less of a hassle to negotiate, and inspect, leading to a better buy for investors (No emotionally attached sellers stuck on how much their home is worth). 

If you are really looking for a 'deal" look into short sales and auction properties. While short sales may test your patience (they take 90-180+ days to close) you'll likely receive an extra discount on these properties because of their condition. Auction properties are great too, so long as you do your homework or work with a real estate agent familiar with purchasing auction properties (DO YOUR TITLE HOMEWORK!) 

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