Is The Market Up or Down or Both?

I don't blame Buyers for being totally confused with all the contradictory real estate news reports. A report out today shows that prices of home list prices are up in many Florida metropolitan areas anything from 8 - 27%. Yet another recent report quotes economists saying we haven't hit bottom yet. So, what information is correct? Do I buy a house in Florida now, wait a year or two....... Who has the answers?

Villa Magna Highland Beach

Everything has to be viewed in context. The list price increases reflect year on year growth and August last year, prices slumped to their lowest level in years. So, yes prices are up but off a very low base. Are prices up across the board? No, certain sectors have far more demand. Once again, single family homes priced under $300k in great school districts are showing demand, condos with rental restrictions are lingering on the market and certain categories, for example ocean front condos in Boca Raton and Highland Beach are remaining firm. The oceanfront market in the cities indicated don't follow similar tends to other real estate categories. For the most part, there are seldom mortgages on these homes and sellers can afford to hold on, they are seldom in a rush to sell and hope for top dollar. Occasionally there are exceptional listings here like estate sales where the heirs want a quick sale, these deals are generally great and should be seriously considered.

As for the economists predicting further declines as more foreclosure inventory enters the market, they are not wrong. This is going to take 3 - 4 years to clear. So, until then, South Florida is still a buyer's market. If you're thinking of buying, don't hesitate, great deals abound.

Want to get off the fence and buy? Call me, let's talk.