Over the past few months, our firm has seen sales trending up, listing inventories falling, the supply of lender-related properties stabilizing, as well as multiple offers being placed on homes in some neighborhoods. Additionally, foreign buyers, especially those in Central and South America, continue to come to South Florida to snatch up bargains.
As we look behind the numbers, we see that Miami, in particular, has gone from ground zero for the subprime mortgage crash to having a healthy inventory of properties that is only half the size from a year ago. Today, Miami is only reporting one foreclosure for every 407 home, compared to the national rate of one per every 213. Condo sales have also increased 79% in the first five months of the year. That increase in condo sales, again, is fueled in large part due to foreign buyers buying property in South Florida.
These numbers point to a mini-recovery in Florida, and especially in Miami. Indeed, while prices for continued to drop in Broward and Palm Beach county, they are not in Miami. In October, for instance, Miami-Dade County actually squeezed out a price increase for home sales.
While all of this points to a revival of sorts to Miami’s real estate market, the recovery is still rather tenuous. Banks have pulled back the filing of foreclosure actions due to the ongoing robo-signing scandal. Additionally, unemployment remains high. And for their to be a true correction, and recovery, unemployment needs to be lowered.
On the other hand, there are many alternatives to a foreclosure. Many homeowners are exploring those options. It is best to be pro-active in this real estate market.
Consider Your Options. Contact Us Today.
If you are facing the prospects of having your home foreclosed on, or if you are seeking to purchase a home in this current market, please contact us today for a free consultation.