All signs point to a continued recovery in the housing market.
Recent statistics show that home prices statewide rose 5 percent in January. The median price for existing homes across Florida last month was $129,000, compared with $122,500 a year ago.
Although sales declined statewide, pending deals have increased in every month since May and the number of homes for sale statewide has fallen by 34 percent from a year earlier.
Here, in South Florida, home prices continue to trend upward, offering hope of a housing recovery even while many say a bottom may still be a year away.
Some still expect a flood of bank owned properties to hit the market. But when that does, there is a growing school of thought that such a development will be a favorable one for a housing market that is appears to be bouncing back. The reason being is there is actually a shortage of available properties in many areas throughout South Florida. And if the property is priced right, it will not be on the market very long. Many are taking advantage of the record low interest rates, and other such favorable factors, and jump from the rental market into home ownership.
Today’s market presents all sorts of unique opportunities for both buyers and sellers. It also presents wonderful opportunities for those with homes that are underwater as today’s market is a short sale driven market. It may be time to consult with a real estate attorney to assess your options.
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