The New York Times published an article last week titled, "After Years of False Hopes, Signs of a Turn in Housing." The market in South Florida seems to be picking up in recent months. However, it remains to be seen whether or not a rebound in housing is here and/or sustainable.
The NY Times reported a growing number of experts and people who actually put money into housing believe the end (of the six year slide) has come. The Times states prices for housing is rising, sales are increasing and home builders are clearing lots and raising frames.
Miami-based Lennar, a national home builder, had its CEO quoted in the article as saying, "It feels very much like we've hit a bottom and we're starting to come off of that bottom." The Case-Shiller index is quoted that sales prices for exisitng homes rose in April 2012 for the first time this year. Several other measures, including seasonally adjusted version of the index shows that prices began to increase in February 2012.
Other indicators, such as the ratio of housing prices-to-income have returned to normal levels, according to the NY Times article. A combination of rising rents and low mortgage rates has been an inducement to buyers and renters who would prefer to own, according to Professor Richard Green of University of South Carolina.
The NY Times also reported a growing number of areas showed demand for homes outstripping supply. The National Association of Realtors has reported the number of homes for sale has been falling during the past year. Also, NAR reported some owners are waiting for prices to rise before putting their homes on the market because some of them must wait because they are "underwater."
A real estate agent in Minnesota was quoted as having a streak of 13 consecutive bidding wars over homes that his clients wanted to buy and each of them sold above the asking price.
If you are interested in buying or selling a home, now might be a good time.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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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