During the housing decline, some Florida residents felt as though every other home in the neighborhood was in foreclosure. For some home buyers, the housing crisis meant getting a home at a steep discount. But Pinellas County real estate experts point out the foreclosure inventory has faded away. According to an article by businessobserverfl.com, only one in about 1,500 homes in Florida was recently in foreclosure. Foreclosures are three times as rare in Florida today compared to two years ago.

Comparing Pinellas to the rest of the state

Housing experts point out that foreclosure rates in Hillsborough and Pinellas counties match the overall state trends. People interested in investing in foreclosures are slightly more likely to find them in Polk and Pasco counties. Other counties where it’s currently rare to find foreclosures include Lee and Charlotte counties.

Finding alternative ways to save money

In some respects, it’s good news that there are fewer foreclosures available for buyers. Most homes in foreclosure have expensive problems such as mildew or structural damage. To save money on buying a home in Pinellas County, aspiring homeowners and investors have to shop around. Some strategies include hunting for homes in newer subdivisions. Homes just one to five years old often sell at a steep discount compared to new construction. Look for homes that were “formal models” or sit on a “premium lot.”

To avoid going into foreclosure as a new homeowner, pay careful attention to the financial side of buying Pinellas County real estate. Make sure you have steady, predictable income to cover mortgage expenses. Some people err on the side of caution by planning for a worst-case scenario in case one person in a marriage loses their job or business. Instead of spending at the top of your budget, consider putting some cash aside into savings for a house emergency fund. At International Title Partners, we help home buyers and sellers as leaders in the title industry. Talk to us about closing in your home or office. For more information about foreclosure trends in Pinellas County, please contact us.