The Industry of Distressed Homes in Central Florida
Several years ago, Florida’s flourishing real estate market was struck with the unfortunate blend of risky mortgage loans and overenthusiastic speculations by real estate analysts and developers, which turned the state into the poster child for distressed homes.
The housing crisis haunted investors, buyers and real estate agents for years, halting a wide range of development and investment properties. Foreclosure filings across the state increased at an alarming pace, and to this day, investors and homeowners are still dealing with the repercussions of those risky loans and overzealous market predictions.
Central Florida is still known as the industry of distressed homes. In 2006, around 75,000 Central Florida properties were facing foreclosure filings, and this number rose to an alarming 517,000 in 2009, marking a 600% increase in distressed homes in the short period of three years.
After an entire decade has passed, the Sunny State of Florida now enjoys a flourishing and thriving real estate industry. The number of foreclosures, albeit reduced, remains higher than other prosperous states across the country. Statistics show that in 2017, the total number of annual foreclosure filings was more than 65,000, and this remained constant throughout 2018.
However, despite its declining foreclosure filings, Florida still tops the list in terms of total properties facing foreclosure. In 2018, a survey conducted by ATTOM revealed that Florida emerged as the state with the 6th highest foreclosure rate in the U.S. For every 140 households in Florida, one is facing a foreclosure.
The forecast issued by the Florida Chamber of Commerce reveals that employment opportunities and population across the state are continuing to grow, and in 2019 we saw a reduced risk of economic recession. In the past decade, Florida has emerged as the top destination of choice amongst retirees, not just from the U.S., but from across the world.
The state has also become famous amongst millennial investors, and the distressed properties scattered across the state, mostly in Central Florida, provide these investors a prime opportunity to own a house of their own. Given the stressors prompting homeowners and financial lenders to arrange a quick sale, it presents thrifty and budget-conscious investors a prime opportunity to invest in an affordable investment package.
Selling Your Distressed Home
If you want to sell your distressed or difficult-to-sell home, Central and South Florida are some of the best places you can live to do so. Investors look for distressed homes in centrally located areas in some of the best metropolitan locations and neighborhoods of the Sunshine State. It is one of the best U.S. locations to buy foreclosure properties, and it has maintained this position since 2013.
Distressed homes typically experience a longer period of time on the market, and as the number of foreclosure homes on the market continues to grow, the total sales of foreclosed homes continues to rise. Needless to say, Central and South Florida are some of the hottest markets to sell a distressed property. If you need to sell your home fast, you’ll do well in neighborhoods and developments surrounding the areas of Melbourne, Palm Bay, Titusville, and cities all across Florida, like Orlando and Tampa.
Home buyers, investors and retirees too have much to rejoice as they can browse through an ever-growing market of distressed properties scattered throughout Central Florida and Orlando. From scenic waterfront neighborhoods, high-rise apartments, suburban townhouses, single family properties, multi-family homes, and homes that need a little TLC, there’s a house that will be perfect for nearly anyone. Florida’s distressed home market is dynamic and offers sellers the opportunity to get out of a difficult situation fast, and investors the opportunity to settle down in the sunny state without the burden of heavy mortgages and financial rituals.
Why is it so Difficult to Sell a Distressed Home?
An alarming number of Florida homeowners are crippled with the burdens of a mortgage, and in order to avoid the deductions that come from a foreclosure on their credit reports, they may try to put their house on the market to cover their losses. Homeowners who are already facing a foreclosure tend to be even more anxious to sell out, and such sellers tend to feel like they can pose few demands in hopes of receiving a fair settlement.
A majority of Florida’s distressed homes spend months on the market, and as the market grows saturated, their demand and listing prices continue to decrease. It’s important to note that some of these houses may be unkempt, vacant, or stuck in legal issues, and home buyers will likely have to spend a sizable amount of repairing, refurbishing and renovating the properties. These problems scare off a lot of potential buyers, but not Simple Sale. We specialize in purchasing homes with these very issues. Get in touch with us if you’d like to learn more and request a free quote!
If you’re looking to sell a centrally-located distressed home in a vibrant community, located near Disney World or other leading attractions in Central Florida, Windermere, Clermont, Dr. Phillips, Gotha, Orlando, Winter Garden, or anywhere in Florida, please reach out to us at Simple Sale. We’d love the opportunity to speak with you regarding your situation.