Is Now the Time For You to Sell?

South Florida has had one of the best real estate markets in 15 years with some of the lowest inventory levels the real estate industry has seen for some time. As a seller, there has been significant price increases in the last 18-24 months. We are seeing pent up demand from buyers and a shortage of new construction as well. Between the years 1968-2008, at least 1 million homes were constructed each year compared to 2009-2011 where only an average of 647,000 homes was built each year.

With record low inventory, record low interest rates and increasing demand for new and residential resale homes, a perfect storm has been created. South Florida, which was hit hard by the housing crisis, has turned on a dime and by starting at an abundance of inventory to a shortage of inventory.

These extreme shifts are an example of a market trying to find its balance. Interesting enough, the median price for condominiums are rising while residential prices are beginning to level. Buyers need sellers more than ever.

According to Freddie Mac, the average interest rate is about 4.375% compared to 3.375% a year ago. Ultimately, homes selling in the current market place are priced correctly and should take away some of the fear of another housing collapse. Thanks for watching!