Avid readers of this blog know there is a scarcity of homes in the South Florida housing market and there are bidding wars. However, most are unaware unless they have been in the market to buy or sell a home in the market recently. The Sun-Sentinel ran an article on the front page of the newspaper yesterday declaring "bidding wars, shortage of houses for sale." The word is beginning to hit the mainstream media outlets. This inturn could lead to more of a frenzy.
The median price for existing single family homes in Palm Beach rose by 26% in April 2013 from a year ago; the median price was $265,000. April was one of the busiest months for sales since 2007, according to the local Realtors board.
It is also being reported that as prices begin moving up quickly, it is spurring a sense of urgency by potential buyers. The article sites an agent in Broward County who put in at least ten offers for a client before finally getting a completed deal. The agent is quoted as saying, "this reminds me of 2005... the bubble is coming."
Even though new listings rose 9% from a year ago, Palm Beach County's inventory levels are still 43% below the previous year, according to the Sun-Sentinel article.
In the current market I advise my customers to be prepared to act quickly. This means having proof of funds for cash deals and pre-qualification letters for offers that are to be financed. On the flip side, for my seller customers I remind them to be realistic and that the current trends may not last indefinitely.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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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