Home prices are on the rise in South Florida. And this is comforting news for many South Florida homeowners that were hit hard during the Great Recession.
Today, many South Florida homeowners are finally able to sell their homes – for a profit. With the housing market slowly making a comeback homeowners are seeing their property begin to produce equity again. Indeed, according to a recent report, South Florida saw an 11% increase in price gains from a year earlier. That means that many home owners that are selling their property are even realizing a profit from the sale. There are less short sales today, and more traditional sales where homeowners are in fact making money from the sale.
In today’s market, the “for sale” sign seems to be making a comeback. If you take a drive through many South Florida neighborhoods you will notice an increase in “For Sale” signs. That is the case because many homeowners are now in a position to sell their home and make a profit.
Part of the reason for this improved market is that supply and demand are starting to even out more than they have in the last year or so. For instance, less foreclosures are also helping the real estate market. So far this year, there have been 6,574 foreclosures filings in Miami-Dade County. At the same time last year, there were 12,720 foreclosure filings. So foreclosure activities in Miami-Dade County have decreased by close to 50%.
The decrease in the foreclosure rate is only helping the real estate market as a whole rebound. Home prices are also rising faster than the rate of inflation. And many homeowners are taking advantage of those prices to sell their homes for a profit.
But with more properties coming to the market, buyers now finally have more options. But many of the homes coming to the market today are million dollar plus home listings.
If you are considering purchasing a property, and you are a first time buyer, then you should avoid making these mistakes even as the market continues to improve. Moreover, and as you consider buying property, please make sure you understand that you could potentially save money in closing costs by following these tips. Please do not hesitate to contact us should you wish to discuss your real estate transaction with our firm.