The Shocking Condition of Real Estate In South Florida, or is it?
Homeowners Considering A Sale
Do You REALLY Need To Sell?
Homeowners are turning to Realtors for help. Today, one of my seller referrals called to get my opinion on the effects of the financial package provided by congress. Homeowners in distress want to know how the plan is going to help them. Sellers see home values continue to fall, income or jobs disappear and mortgage payments and other expenses pile up.
The housing market moves on, as more South Floridians behind on their mortgage payments are losing their homes in foreclosure sales after failing to work out deals with lenders.
Market research in Broward County shows inventory starting to drop but sales have not changed much. Sales have experienced some movement but it is not of any significance when compared to the 15,000 plus single family homes listed for sale. Data shows still a dramatic difference in pricing, sellers are expecting much higher sales prices that what the market is willing to pay.
In June 2006, the median sold price for a single family home in Broward County was $380,000; now the price is $255,000. The average listed price today is 491,000. The spread between List and Sold prices is $162,000. As long as sellers continue to hope for last year's prices, their homes will sit on the market for years to come.
The Buying Opportunity Is Now
Those of you considering the sale of your home because you would like to downsize, or those that are currently renting and are not buying because the could not afford a house, think again.
If you are downsizing, forget about the fact that your home value has dropped. The next property that you are buying in a similar area will have dropped just as well. Renters with a stable job and good credit have a great opportunity to start enjoying a home they could not affort 2 years ago. Take Action
Inventory Curves
Broward County Real Estate (Listed vs. Sold)
Inventory By Status
Broward County Florida
Broward existing home sales jumped in September despite challenging market conditions to 828 units, and dropped in October to 725. Overall inventory levels dropped from 16,453 to 15,065. The drop in inventory was partially due to sales and also by a significant number of sellers giving up and letting their listings expire. Over 663 listing contracts expired or were withdrawn by sellers during the month October.
Challenging market conditions will continue for months to come. Sellers, especially those that bought in the last quarter of 2005 through the first semester of 2006, have the biggest financial hit to take. For sellers, the road ahead will continue to be rough for months to come. For buyers, the market could not be better. Interest rates are low and there some great properties are available at even 50% discount from the highest levels of the market. Lenders do have more stringent requirements and good credit will dictate if buyers will get the best rates for financing.
JOSE AZCARATE, SALES CONSULTANT. 954-336-3028 Buy and sell real estate, housing, condos, townhouses, homes, houses and other property on
http://www.JoseForHomes.com
Keller Williams Realty Partners, Pembroke Pines, FL.
BUYER OPPORTUNITIES
West Broward - Single Family Homes "REO's"
- 5BR/3BA Single Family - Miramar, FL
- We have not seen these prices in years. Great opportunity to buy a home at a significant discount. Contact us for details.
Buy and sell real estate, housing, condos, townhouses,
homes, houses and other property on
http://www.JoseForHomes.com - 19533 SW 51st Ct, Miramar, FL
- 5 Bedroom / 5 Bath / 3 Car Garage home. Beutiful community comprised of all amenities including beach area, tennis courts, gym, lakes, etc. BANK OWNED PROPERTY
- Short Sale Opportunity Weston, FL
- Weston Florida Real Estate. Looking for a beautifully maintained 4bed/2.5bth home on a HUGE pie-shaped lot of almost 10,000 SF? PLUS wrap-around LAKE VIEWS and a FENCED POOL? It's right here!
- Short Sale Opportunity Weston, FL
- SHORT SALE". IMMACULATE 5 BED. 3 1/2 BTH TWO STORY HOME IS IN THE DESIRABLE COMMUNITY OF SAVANNA IN WESTON. IT BOASTS 2672 SF UNDER AIR. FRENCH DOORS LEAD OUT TO THE FABULOUS HEATED POOL OVERLOOKING THE CANAL FOR TOTAL PRIVACY.
Buy and sell real estate, housing, condos, townhouses,
homes, houses and other property on
http://www.JoseForHomes.com
by JoseAzcarate
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