While south Florida is still seeing problems with its housing market, the Panhandle area is seeing both a large number of foreclosures and a large number of sales. Naturally, the foreclosures are bad for sellers and good for buyers. They’re helping to keep the home prices down, and that’s allowing buyers to purchase more home than they would have otherwise been able to afford. It’s also helping buyers by giving them more to choose from, and allowing them to buy in neighborhoods where they couldn’t afford to buy a home even last year.
Florida Panhandle counties are seeing great increases – in the 40% to 60% more range – in the number of houses that are being sold in 2011. Of course, it’s early yet and there could still be problems that occur. There are no guarantees as to whether the increase in home sales will continue or whether it will spread to others areas, but it’s definitely an encouraging sign in a time where there has been very little good news available for home buyers. It’s still very important to have good credit and a down payment, though, because lenders are still a bit shy about handing over money. They got burned by a lot of people in the past, and they’re being much more careful about who they loan money to. That’s hurting buyers who have had a home foreclosed on and who are trying to buy something cheaper in another area of the country.
No matter where people want to move to, though, they shouldn’t give up on finding a home. Even if they need to rent for a little while before their credit is good enough to buy again, it’s important that they decide where they want to live and make an effort to get there. It gives them something to work toward.