Hot Trends in the Sizzling South Florida Market
By now, we’ve all read the headlines and heard the news that home prices in South Florida are rising at rates not seen since 2006. As swiftly as those summer temperatures are on the increase, so are housing prices in South Florida. And, there is no sign of a cool off anytime, soon!
What does this mean to you as a potential buyer in this exciting market? This conveys a buyer’s investment will potentially be stronger because you’re buying at the early stages of an upswing. This position is further secured by the theory that, at its earliest stages, there is no place to go but up in a robust housing market.
Another positive indicator for buying a home in South Florida during the current market is that inventory is at record lows. We are just coming out of an extremely slow market here in South Florida. Many home owners took their homes off market during this period as values dipped and home prices fell along with them. Other home owners were victims of the economic downturn and lost their homes outright to short sale or foreclosure.
What inventory remains is sparse which indicates home prices are slated to continue rising until more homes come to market. The age old economic model of supply and demand surely plays out succinctly; as demand increases and supply is not markedly changed, it is predicted there will be continued rises to home prices.
Next week I will post about what this means to specific markets throughout South Florida. After all, South Florida is so diverse, perspective home owners can look forward to owning everything from a sprawling horse ranch out west to an estate home on a championship golf course - buyers can consider the enjoyment of owning a boater’s paradise along the glistening intracoastal waterway or living the luxury life in a high rise waterfront condo with ocean views for miles. The possibilities are limited only by your imagination!
Please continue to read my blog as you contemplate life as a potential investor in the year round playground that is South Florida real estate!
Copyright 2013: Valerie Anne Martinetti