As I tour South Florida neighborhoods with my buyers, there is one common reaction. NOT enough inventory!!! I have ready- willing buyers and not enough homes to show them. This is certainly a new phenomenon since the last 3 years were flooded with inventory, and no real sense of urgency for buyers to write a deal.
Times have changed... With inventory levels down, it is inevitable that prices will level off and start to increase. I am sure I am not alone when I say, these indicators are certainly welcomed!
Florida Association of Realtors recently reported:
"SEATTLE – Aug. 31, 2012 – Redfin released a quarterly survey of homebuyer attitudes, with opinions less than two weeks old. According to the company, data was collected from active home shoppers – people who expressed an interest in buying within the next twelve months. The survey included 829 home shoppers in 19 cities.
• 46 percent believe now is a good time to buy, down two quarters in a row; and 32 percent believe now is a good time to sell, up two quarters in a row
• 61 percent believe prices will increase, up two quarters in a row
• 62 percent “very interested” in conventional sales, up from 57 percent in the second quarter and 48 percent in the first quarter
• 31 percent would step back from competing against other buyers for a home, compared to 28 percent in the second quarter
• 27 percent of respondents cited general economic weakness as a concern about buying this year, up from 24 percent in the second quarter and 20 percent in the first quarter
“Even as prices have begun to rise, the overwhelming issue for most of today’s buyers is the selection of homes for sale, not what they cost,” says Redfin CEO Glenn Kelman. “The value-driven investors scooping up foreclosures for pennies on the dollar have largely been replaced by first-timers seeking to buy a pretty house now when mortgage rates are below 4 percent. With so few houses for sale, many will come up empty. The only homeowners willing to sell now mostly are the ones who have to – for a job in a new city or for a new baby.”
Interested in More Information About South Florida Real Estate?
Contact the experts at MMD Realty for information about our business, our partnership with the Dan Marino Foundation, or a consultation to buy or sell South Florida real estate. Call us at 954.835.5500
Michelle Farber Ross