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Why NOW is the Right Time to Buy in South Florida
Why NOW is the Right Time to Buy in South Florida

 
Thursday, February 02, 2012

There are so many opinions weighing in on whether the market has stabilized and with upcoming elections some buyers are waiting to see if the market changes depending on the administration. The national news on the subject of real estate recovery is not necessarily indicative of the market conditions in South Florida. We have some compelling reasons why right now is THE time to buy in South Florida.  Whether you are investing in income producing properties or looking to purchase a new home, the supply of homes is decreasing and the demand for homes is increasing, making now the ideal time to buy.  For more information on buying homes in Fort Lauderdale and South Florida, contact me today!


Existing Home Sales: Existing home sales were up by 2.9 percent in the South, according to National Association of Realtors. With continued sales of existing homes, the market shows signs of recovery.


Inventory: Total housing inventory fell by 9.2 percent according to the National Association for Realtors, this decrease in supply suggests that in the near future the market will stabilize.


Demand: Trulia also ranks South Florida as among the ten most desired places to purchase a home. Specifically Palm Beach and Broward county are 6th and 7th most desired places to buy and there are twice as many people looking to buy as opposed to move away.  The prices you can get now will not be available in the near future.


Foreign Investment: According to The Real Deal, $951 million was invested by foreign interests in Florida in 2011. This investment was in the form of both commercial and residential development and in South Florida $451 million was invested. That is roughly half of all investment in our backyard. These projects will increase the inventory, but will take place in several years, creating a perfect climate for purchasing now.


New Homeowners: Governmental Incentives for New Home Buyers are abundant, and many new buyers are entering the market because of them. This increase in demand will likely spur list price increases as well.


Mortgage Rates: Mortgage rates are at record breaking lows, making homeownership dreams within reach for many.

 

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