Most areas of the U.S. are have gone from Buyer’s markets to Seller’s Markets. South Florida, residential real estate is one of the leading areas that residential home values have rebounded after hitting bottom five to six years ago. The demand far outstrips supply, triggering prices upward that lead to bidding wars, even for the U.S. government’s Housing and Urban Development (HUD) foreclosure properties, not all of which is in a great state of repair, according to RealtyTrac.
One word of caution however is the a wave of bank possessions to come, with 3 million U.S. mortgage holders at least 90 days delinquent on their loans. This often referred to as the “Shadow Inventory”.
Many economists now predict that Florida’s market will not be near their highs until 2014 considering the constraints of its huge foreclosure backlog, the RealtyTrac report said, and until then, will remain undervalued. This is good news for Buyers and Sellers. Current prices are well off there lows and improving, good for Sellers. Buyers that act quickly still have time to buy at prices near the lows. However this will only be possible in the short term. Interest rates are near all time lows giving Buyers an opportunity that may not exist ever again. Excellent value can be taken advantage of, combined with the low interest rates suggest that now is an excellent time to buy.
Eileen Kedersha and William Kedersha The Kedersha Group One Sotheby’s International Realty leading Fort Lauderdale and Miami Real Estate Agents. We are South Florida residents, Lifetime boaters specializing in waterfront properties, give us a call to discuss any questions that you may have. Check out our Free Miami, Fort Lauderdale, Manalapan and Weston Area MLS listings, here you can search all Condos and Single Family Homes currently for sale.