Considered as a prime location for many tourists, the city of Fort Lauderdale in Broward County is truly a home away from home.
Fort Lauderdale was a thriving residential market back in the 90’s, but starting to face some problems early this year. The mortgage crisis, as well as the currency devaluation of the U.S. Dollar contributed to the recent decline of the real estate market.
Major government redevelopment projects contributed to the rise of tourism in the area, from beach fronts to river walks, the city still amass a number of tourists enough to provide enough revenue to the city. But this is not enough to bring back the lost profit during the mortgage bust that is occurring nationwide.
Alive And Kicking
The U.S. mortgage crisis greatly affected the state of Fort Lauderdale real estates. The number of foreclosures helped increase the number of unsold residential units in the area, and the median prices of these homes soar every month. Also, the rising interest rates of different mortgage types are hindering the locals from acquiring these real estates for their use.
In order to counter this problem, many developers are converting condo and apartment units into rental to address the demands of people for affordable residential real estate. Analyst observes that if the median price of these residential units doesn’t continue to rise in the next couple of months, the number of unsold homes will decrease as home acquisition increases.
Despite the wobbly status of the market, many real estate firms are now developing additional residential units like apartments, family homes, condos and more. This might be a gamble in a sense, but many analysts’ report that the long term goal of these projects might be beneficial in the long run.
Finding The Right Home In Fort Lauderdale
Whether visiting the city for leisure or planning to settle down permanently, Fort Lauderdale offers an abundance of residential units that will surely let you enjoy your stay. If you plan in advance, you can search online sites that feature various apartments, condos and family homes in the city.
You can directly contact real estate agents in Fort Lauderdale if you wish to inquire about the current situation of the real estate market, while looking for the best deals in home acquisitions.
And since many of these realtors are affiliated with financing institutions in the city, you can go ahead and inquire on the loans available the will suit your budget, as well as the interest rates that goes along with it. You might need to settle your credit report, first hands, and check your credit scores whether they meet the requirement for a loan, or not.
Even if the real estate market in Fort Lauderdale is in a decline due to the housing slump that hit the nation, the locals are giving it a good fight to keep the real estate market alive and kicking.
Vanessa Arellano Doctor
HomeTerra Fort Lauderdale