Homebuyers in South Florida Frustrated by the Shortage of Offerings
A lack of homes for sale in the South Florida area is reportedly causing an increase in some price categories and discouraging eager buyers. According to housing market analysts, it would take only six months to sell all of the homes currently for sale if no new homes were listed. So why the shortage of homes in the Sunshine State?
As it turns out, the record-breaking home sale prices that have had homeowners celebrating may actually be hindering the progress of the local real estate market. According to the Sun Sentinel, the median price of Broward County listed homes rose to $325,000 in June, a 7 percent increase from 2015. The price tags on local homes have been growing steadily over the past several years, but this year brought numbers not seen since before the housing crisis in 2008.
The problem may stem from the housing trends of 2012, when home prices hit rock-bottom, and large numbers of traditional buyers and investors jumped at the chance to get the deal of a lifetime. During this time, a large number of properties were owned by creditors or were facing foreclosure. Today, the housing market has healed, proven by the rate of foreclosure being down to nearly pre-crisis levels. The discounted options of the past are long gone, and the strength of the market has translated into increased home equity — a clearly positive fact, but an issue for some buyers nonetheless.
The Silver Lining
Higher prices may be disgruntling some buyers, but thus far they haven’t had ill effects on the market as a whole. South Florida real estate is booming, and the right representation is more important than ever for buyers and sellers alike. Our team of expert negotiators can help you find the home of your dreams, even in a “seller’s market.” If you’re looking to buy a South Florida home, we’re here to help. Give our team a call today to get started!