Falling Mortgage Rates

Amongst seemingly endless negativity, there actually is good news from the financial sector for homeowners and the real estate market. Rates for a 30-year fixed mortgage dropped today below 6%. With mortgage rates falling to their lowest point, according to the Associated Press, in over a year, more and more homeowners will be able to refinance while home buyers will be able to qualify for mortgages on new homes. This could also be great for the country's economy by stimulating the housing market and hopefully beginning the process of rebuilding consumer confidence.
There could, however, be even more good news on the horizon. The Florida Association of Realtors reported today that 30 year-fixed mortgage rates could be lowered to 4.5% through a proposed plan by the U.S. Treasury Department. This, in effect, would drop rates to incredible and staggering lows! The Associated Press claims rates have not been low for nearly 50 years. This could have drastic effects on not only the real estate market but also the U.S. economy - helping to stimulate a much needed rebound.

Deals on New Homes in Orlando

Single -family New Homes in the Orlando area are being offered by builders at some unbelievable prices! Throughout Orange, Osceola, and Seminole counties, there are certainly deals to be found in nearly every price range. According to the Orlando Sentinel, the average price for a new, non-custom home in Orlando fell to $311, 600 during the third quarter of 2008; a 20% decline from 2006. New Home Builders continue to offer amazing incentives and price reductions throughout the area. The result is a very desirable, much more affordable product for new home buyers in Orlando. With such great prices, buyers have been able to purchase homes with more square footage and features than in previous years. The affordability of New Homes in the Orlando area continues to show how much of a buyer's market it truly is. Buyers should take advantage of the today's prices because in nearly every case, people can buy much more house for their money!

Tampa Museum of Art Brings Excitement to Downtown

The new Tampa Museum of Art, opening in the fall of 2009, is bringing much excitement to downtown Tampa. With various condo and loft projects throughout the surrounding area, the Tampa Museum of Art will serve as a strong attraction and support Tampa's growing art culture. According to the museum, which celebrated the placement of the last beam with a ceremony last month, the new facility will be a tremendous 66,000 square feet overlooking the Hillsborough River and Plant Hall. The Tampa Museum of Art already has a large group of faithful patrons both young and old. The legendary "Art After Dark", a monthly event held by the museum on the third Friday of every month, is still being held at the museum's interim location (on South Howard Ave.). The Tampa Museum of Art's popularity continues to grow and have a positive affect on both Tampa Bay and the area's art culture.

In the past, Downtown Tampa has often been considered a "day time only" area; one filled will corporate offices by day and empty by night. This has been and continues to change. Many now call downtown and the surrounding areas like Channelside home. With spectacular real estate opportunities available, like Sky Point and the Slade, for example, Downtown Tampa and Channelside have become popular places to live. The area offers an urban lifestyle with an almost endless list of things to do. Residents are minutes from hundreds of restaurants and bars, numerous art galleries and museums, shops, the eclectic South Tampa including SOHO and Old Hyde Park, the St. Pete Times Forum, the Port of Tampa with major cruise lines, and so much more.

Featured Orlando Listing

14236 Abington Heights Drive, Orlando, Florida

$365,000

A beautiful home in a quiet gated community on a dead end cul-de-sac street. No front or rear neighbors... only stunning pond and conservation views. Over 3200 square feet with 4 bedrooms, 2.5 bathrooms, and a great 320 square foot bonus room. Relax on the home's huge, fully screened lanai offering the peace and tranquility of nature. For more information and wonderful color photographs, please visit FloridaHomes-info.com and view the FHR Featured Properties.

Featured Tampa Listings

8608 Dolce Vita Lane, Odessa, Florida

$1,999,999

Located on a secluded cul-de-sac of stunning custom homes, surrounded by old-Florida orange trees just off tranquil Lake Keystone. This luxury home, with access to Lake Keystone, offers 5,666 square feet, 5 bedrooms, downstairs study, game room, private home theater, 5.5 baths, and a 4 car garage. For more information about this home and for a full virtual tour of this beautiful luxury home, please visit FloridaHomes-info.com.

Florida Real Estate Looking UP

In comparison to national averages, Florida real estate is heading in the right direction. The country seems to have been struck by financial problems recently and many have been skeptical about the real estate market. Florida real estate, however, has seen positive increases in the number of home sales during October 2008 in comparison to 2007. According to the Florida Association of Realtors (FAR), national sales of existing homes have experienced a 3.1% decline on average during October 2008 from sale in October 2007. Sales of existing homes in Florida, on the other hand, INCREASED a tremendous 15% in the month to month comparison from 2007 to 2008. With all of the negative media surrounding the economy and the real estate market, there is good news in Florida! The sale of existing condos in Florida also experienced an increase of 5% during October 2008 in comparison to October of last year.

With home sales increasing on average statewide, Florida remains a strong buyer's market. While sales appear to be on the rise, home buyers will appreciate that the median home price in Florida was $169,700 in October, which according to FAR is less than the national average (national median price for existing homes is $183,300). Florida continues to offer spectacular real estate deals with prices remaining low and buyers have begun taking advantage of these bargains. Based on these statistics, it appears to be good news all around, for both buyers and sellers in Florida.