Believe it or not the number of homes and condominiums for sale have decreased in South Florida during 2011. In fact, the number of single family homes and condos on the market was about half of what was available in October 2011 versus October 2010.
As I have been telling clients, homes that are priced right are getting offers, even in this sluggish housing market. Inventory levels are an important factor in determining price.
More good news for those looking to sell their homes in South Florida: CoreLogic reported shadow inventory levels of homes for sale declined to 1.6 million in July 2011, which was at 1.9 million a year ago. Shadow inventory is a hiddden supply of homes that are likely to come on the market as a result of foreclosures.
Let's not get too excited yet. One factor is the reduction of foreclosures due to the "robo-signer" controversy. Lenders seem to be getting over the hump on this issue and are starting the foreclosure process more quickly.
In addition, high level of under water mortgages and a sluggish labor market should cause an increase in both foreclosures and shadow inventory.
The market is diffcult to predict-- if you are looking to buy, sell, rent or lease a home, now might be a good time to take action.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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