GENERAL REAL ESTATE NEWS AND VIEWS
Home prices up / Sales down
Prices have grown too high and the buyer pool is shrinking, say local brokers who are on the industry’s front lines. And it’s not just the usual summer doldrums.
There are too many properties out there that are over-priced. The biggest thing that holds a property from selling is the price.
The latest numbers from South Florida’s realtor associations confirm that resale prices are rising.
Broward County trend, especially for units in multifamily projects, according to a report from the Greater Fort Lauderdale Realtors.
The median resale price for condos and town homes in Broward grew to $135,000 in May 2015, up from $124,000 in May 2014. Single-family homes saw a smaller jump, rising to $297,000 from $295,000 the previous year.
Sales are still strong for single-family homes in Broward county, rising .8 percent in Broward year-over-year.
But the condo market, where inventory is higher, has weakened: sales were down 9.4 percent in Broward.
Another factor holding the local market back: stagnant wages.
Between 2010 and 2013, Census figures show, Broward’s median household income barely budged at about $51,000.
Rising prices and static salaries have made South Florida one of the least affordable housing markets in the nation — and that’s putting a damper on buyers.
Buyers from Latin American and Europe have driven South Florida’s real estate market since the recession, but a strong dollar and currency crises abroad are limiting the pool of foreign money.
Foreign buyers — who often buy in cash — are still interested in purchasing property here but can’t afford ever-rising prices.
But Americans from the northeast and the west coast are helping buoy sales as they grow more comfortable with South Florida’s 50 percent deposit structure.
Most sellers are realizing that buyers are more educated and more cautious and are shopping around a little harder. We’re starting to see sellers getting more realistic on their pricing.
While the market may be cooling down, developers still have plenty of luxury projects in the pipeline. But with fewer buyers on the horizon, they know it’s important to go for quality over quantity.
We are seeing a steady flow of new projects coming in, But many developers are leaving units on the table in order to build luxury projects with less density but bigger units and more amenities.
When you buy a new home, you may want to have the carpets cleaned before moving in. Certainly this task is easier before your furniture and belongings are in place. Carpeting is a sizable investment so choosing the right carpet cleaner is important in your efforts to protect it. Call several companies, ask each the same questions, compare prices, and check with your friends and neighbors for references.
FURNITURE PLACEMENT 101
As you prepare your home for sale, spacious is the look you want to achieve. Go from room to room and position yourself in the spot where the buyer will get the first view. If the look is cluttered, or doesn't work, what changes can you make?
HOMEOWNER TIP OF THE WEEK
THE MIRACLE OF VINEGAR
White vinegar is one of the essential items you should have in your arsenal of cleaning products. Available in pints, quarts, and gallons at any grocery, white vinegar is inexpensive, safe and effective for lots of household chores, particularly when it comes to cleaning the bath.
Thanks for reading! We try to update often as news becomes available. If you have any questions or if I can assist in any way, please contact me.
Have a great week! Tim Griffin
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