(954) 770-8525

Investors Re-Selling as Home Prices Increase and The State of the Seller's Market
Investors Re-Selling as Home Prices Increase and The State of the Seller's Market

 
Thursday, July 19, 2012
Image 1 of 1 Click to Enlarge Image

 Investors who purchased condos at the bottom of the market are beginning to resell as the market is improving. Optimism continued in June, as more real estate professionals report that the housing recovery is sustainable. The Greater Fort Lauderdale Realtors Association reported:

June pending sales for single family homes increased 6% from May and 5% from the previous year; pending sales for condos increased 7% over May figures, but are down 10% from 2011 due to the shrinking inventory.
The median sale price of single family homes is up 9% year over year; the median sale price of condominium sales has increased 18% from the same period in 2011. The median is the midpoint; half the homes sold for more, half for less.This number can be somewhat distorted downward by distressed properties selling at lower prices.
Currently, there is 4 months of available inventory (down from 7 in 2011), giving investors, both foreign and domestic, and sellers more leverage in their pricing. Now is an excellent time to sell.
Nationwide, the sale of previously owned homes declined slightly in June (5.4% from the previous month), but are still 4.5% higher than in June 2011, with a seasonally adjusted rate of 4.37 million. These numbers were released by the National Association of Realtors in Washington at 10am this morning. Median home prices are up 7.9%, which is evidence of the reduction in inventory, and is excellent news for sellers. Further, average rates for 30 year fixed mortgages fell again this week to record lows, reaching 3.53%, creating additional incentive for buyers to enter the recovering housing market. Rental prices are increasing, creating the optimal environment for buyers who are looking to invest, whether first time, or second home buyers. Chief economist for the National Association of Realtors said today that “Despite the frictions related to obtaining mortgages, buyer interest remains solid. But inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets. The price improvement also results from fewer distressed homes in the sales mix.” If you are interested in selling your Fort Lauderdale home or condominium, please contact me directly.
Comments: 0
There are no comments for this post.
Post a comment below
LEAVE A COMMENT
 
Name
 
Email Address
 
URL
 
 
Comment
 
Captcha

Type the characters you see in the picture above.
 
 
< Back
pre-construction
Waterfront Condos
Client Testimonials
Resource Center
Email Notification
Updated: Tuesday, September 25, 2018

5 Tips for Economically Renova...
In 2017, homeowners spent an average of 15,000 on house renovations. However, you need to ta...

How to Create Stairs That Get ...
Paint Themldquo;Can you paint stairs?" The short answer: Yes Painted stairs are a b...

More Real estate News
Copyright ©2018 - Realty Times®
All Rights Reserved.

Spatember Ends Soon! Check Out these Great Fort Lauderdale Spas Before it’s Too Late!
   Spatember Ends Soon! Check Out these Great Fort Lauderdale Spas Before it’s...

Ready to Live Lavishly? The Newly-Renovated Luxe W Residences Fort Lauderdale Makes Everyday a Vacation
Ready to Live Lavishly? The Newly-Renovated Luxe W Residences Fort Lauderdale Makes Everyday...

Waterfront Corinthian Condo 3C has It ALL! Quality Upgrades and Water Views, Available for Sale OR Rent!
Make the most of South Florida living by experiencing daily water views in one of the best...

< Visit Our Blog

Facebook Twitter Google Plus Linkedin Youtube