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Real Estate Advice
Real Estate Advice

 
Thursday, June 27, 2013
Tags:   Broward Condos, Broward County Real Estate, Broward Single Family Homes

The Greater Fort Lauderdale Realtors announced the May numbers last week and, despite incredibly tight inventory, buyers are still voraciously snapping up listings. Home prices are on the rise, and buyers continue to take advantage of the low mortgage rates. One of the reasons experts believe that buyers are continuing to buy is that The Federal Reserve Bank announced that they would be dismantling the mortgage buying program, which was initiated in an attempt to stimulate the economy and the housing market. Adam Cohn, of the Primary Residential Mortgage brokerage in Boca Raton noted that "We're seeing people are getting more aggressive in their home search as they're seeing interest rates going up." I am seeing the competition amongst buyers every day in the waterfront condominium market and single family home market and well priced properties are being sold within weeks of listing, in some cases, within days.

Multiple offers, bidding wars, and increases in home value are all indicators of housing recovery, and the numbers that were announced in May will quiet even the most adamant skeptics. In May 2013, the sale of singlefamily homes rose 17.1% year over year, and the sale of condominiums rose 9.3%. The inventory of single family homes decreased by 19.6% and the condos decreased by 5.6% from May 2012, which means the demand has continued and there are simply not enough homes on the market to support this demand.Leading to there being currently a 3.4 month supply of single family home
and a 4.3 month supply of condominiums on the market in Broward, far below what is considered a healthy supply of 6 months. The average time for asingle family home to be on the market is now only 32 days; for condos, 41 days. Although most listing agreements stipulate a 6 month window in which
a realtor will market and sell your home, selling a home in under two months is becoming standard in the Broward real estate marketplace. If you are looking to sell your condominium or home, now could be the best time. For a complimentary comprehensive market analysis, contact me today, and you could be selling tomorrow.

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