Boomerang Buyers are Back

Posted on Sep 3, 2015

They’re back.

As the economy rebounds and gets back on its feet, boomerang buyers are getting back in the real estate game. This time with a vengeance.

Seven years after the real estate bust, many who lost their homes–due to foreclosure, bankruptcy or other reasons–have rebuilt their credit and are back in the market. A recent increase in loans from the Federal Housing Authority shows a solid rebound in the market. And a Realty Trac report earlier this year predicts that Phoenix and Miami will be prime locations for boomerang buyers. Tampa is close behind, in the top 10 cities.

The Federal Housing Administration imposes a three-year wait limit before you can attempt to obtain a new FHA loan. A lot of people with past credit problems are actively seeking mortgages, not only foreclosures or short sales. This is a good sign because it means people are beginning to have faith in the economy and the housing market.

Another popular trend is building your own home

The idea of creating a home from scratch appeals to a lot of home buyers because they can truly make the space their own. And with the housing market and economy in a better state, it’s prime time to secure a loan so you can begin building your castle.

Vacant land is still affordable, allowing you to build a quality home within your budget. Land values are rising on a monthly basis. If this is something you have been thinking about doing, don’t wait any longer! The time is now.

For information on real estate in Southwest Florida, contact Kim at (239)-214-1039 today to discuss your many options for a brand new home from Windward Construction.