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South Florida Real Estate Market Has Finally Bottomed Out, Experts Say!

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I recently read an article in the Sun Sentinel that declared that the South Florida housing market has finally hit bottom.

According to Zillow.com, which is a Seattle-based real estate analysis site, home values in Miami-Dade, Broward and Palm Beach counties are now beginning to increase after six years of steady decline.

Continue reading to learn more about what Zillow said this means for the greater South Florida real estate market – as well as interested home buyers like you!

Properties for Sale in Aventura, Hallandale and other South Florida Communities

Here’s the most recent data that Zillow released about the local housing market:

  • The median value for homes in all three South Florida counties is $141,300, up 1 percent when compared to 2011.
  • Over all home prices are expected to increase by 6 percent during the next year, which would make South Florida a top-performing housing market in the nation.
  • Home sales prices are now beginning to resemble those prices seen in 2002 in South Florida.
  • Home values in 21 of 32 Broward Cities – including Fort Lauderdale – increased between 2011 and 2012.
  • Meanwhile, 17 communities in Palm Beach County saw higher home values, year-over-year.
  • Single-family home inventories in Broward County have decreased by 48 percent, year-over-year.
  • In Palm Beach County, inventories have decreased by 38 percent.
  • More and more homes are receiving multiple offers, many of which are above the original asking price.

All of this data suggests that home prices have fallen as much as they’re going to fall in South Florida before they begin to rise again.

And while some analysts are still skeptical that the South Florida housing market has truly bottomed out, nearly everybody agrees that the market will not likely see prices drop very much more if it hasn’t bottomed out yet.

Thus, for those who were interested in making an incredible investment on the South Florida real estate market, now is the ideal time to do so!

After all, once a market has bottomed out, the only direction home prices are going to go is up!

Your South Florida REALTOR!

If you’re interested in entering the South Florida housing market as a home buyer any time soon, please contact me, Scott Patterson.

As a trusted South Florida REALTOR, I have experience helping home buyers find their dream homes on a number of area housing markets, including:

Thus, I’d be happy to help you at every stage of the home buying process – from home showings to purchase offers to the final closing!

Until next time,

Scott

 

South Florida Home Inventory is Dwindling as More Buyers Enter the Market

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Home sellers throughout the country – including in South Florida – are expecting home prices to rise soon since the number of available homes for sale continues to decrease, according to a recent Bloomberg article.

The article goes on to say that home inventories are near lows that were last seen in 2005 and more home sellers are needed on the market.

Continue reading to learn more about this developing trend to discover how it may affect you as a South Florida home buyer!

Properties for Sale in Broward County, Florida

Here are some of the highlights of the recent Bloomberg article I read:

  • National home listings dropped to 2.37 percent in March, a decrease of 22 percent when compared to March 2011.
  • Currently, there is a 6.3 month supply of homes on the national housing market
  • In some parts of the country, the supply of homes fell even further. For instance, some markets had less than a three-month supply at some point earlier this year.
  • Existing home sales from January to March 2012 were the highest first quarter on record since 2007.
  • Meanwhile, the median sales price in 146 metro areas fell to $158,100, down 0.4 percent year-over-year.
  • Nationally, housing affordability is at an all time high. One index recently showed that a family with a median income of nearly $61,000 would be able to afford a $325,000 home – more than double the median price of all homes in the country right now.
  • During the first quarter of 2012, national foreclosure filings fell to their lowest levels since 2007.
  • Meanwhile, re-sales of Fannie Mae and Freddie Mac foreclosures fell to 77,104 homes in the first quarter of 2012, down 18 percent year-over-year.
  • The national inventory of new homes has also fallen – to 144,000 in March. That figure is actually the smallest number of new construction homes on record since 1963.

Here’s what the Bloomberg article specifically noted about the South Florida real estate market:

  • Florida’s median home prices are beginning to rise as foreclosed home transactions have declined.
  • In Miami-Dade County, the number of listings in April fell to a 5.7-month supply, down 35 percent year-over-year.
  •  In Broward County, the number of listings in April fell to a 4.2-month supply, down 31 percent year-over-year.
  • Also in Broward County, condo prices have increased to $75 a square foot, up 10 percent year-over-year.
  • Meanwhile, home prices have increased to $80 a square foot in Broward County, up 2.6 percent year-over-year.

Florida real estate analysts are crediting the declining home inventory to the fact that home buyers are flooding the market looking for great deals as the South Florida housing market bottoms out.

But as more home buyers snatch up available homes for sale, home prices are expected to rise as demand starts to exceed the supply, analysts say.

Thus, now is a great time to invest in a South Florida property for sale.

Purchase a South Florida Home for Sale Today!

There are plenty of reasons to want to invest in a South Florida property for sale. From increasing rental rates to record low interest rates – home ownership hasn’t looked this appealing in a while!

Thus, if you’re interested in owning your own South Florida home, contact me, Scott Patterson, today!

As an experienced REALTOR in Broward and Miami-Dade counties, I’ll be more than happy to assist you at every stage of the home-buying process.

Interested in starting your South Florida home search immediately? Then please be sure to check out some of the helpful home-buying tools I offer online, such as:

Until next time,

Scott

Search For Your Next South Florida Home for Sale With This Brand New Tool!

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Thinking about investing in South Florida real estate in Broward or Miami-Dade County anytime soon? Finding your next dream home has never been easier thanks to some new tools I recently added on my South Florida real estate website!

With my user-friendly search tools, you’ll be able to narrow down the list of all available listings in South Florida to specific neighborhoods that interest you.

Continue reading to find out more!

South Florida Properties for Sale

Here in South Florida, there are plenty of fabulous residential communities from which to choose, each of which offer their own unique residential living experience.

Now, you can search for available listings in specific condominium communities with the help of my easy-to-use search tools.

Here are some of the pre-defined searches I’m now offering to interested South Florida home buyers:

Once you’ve done these initial searches, you’ll be able to narrow down your options even more to fit your square footage, number of bedrooms and other home-buying preferences.

Your South Florida Real Estate Expert

As your South Florida REALTOR for life, I am always looking for ways in which to make the home buying process easier for interested home buyers like you.

Specifically, I help home buyers navigating the following markets:

For additional tips and tools on how to effectively navigate the South Florida real estate market, please don’t hesitate to contact me, Scott Patterson, today!

Until next time,

Scott

 

South Florida Ranks Number 1 Nationally for International Buyers

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For months I’ve been telling you about the impressive number of investments that international home buyers – particularly Brazilians and Canadians – have been making on the South Florida real estate market.

Now there’s confirmation of just how expansive their investments have been.

The National Association of REALTORS recently identified Florida as having the highest concentration of international buyer property purchases than any other state.

Continue reading to learn more about how this distinction will have an impact on you as a home seller in Aventura, Hallandale, and surrounding areas.

Luxury Property for Sale in South Florida

Here’s an overview of the latest activity related to international home buyers:

  • International buyers have helped South Florida sell 91 percent of almost 49,000 boom-era units, according to condo Vultures
  • In 2011, 31 percent of all international sales in the country came from Florida
  • About 27 percent of international buyers identified the US real estate market as a profitable investment
  • Canadians viewed US real estate most favorably, accounting for 23 percent of all foreign buyers
  • In South Florida, 8 percent of all Florida resales were sold to Canadians

So what exactly does this mean for interested South Florida home sellers?

It means that – thanks in large part to international home buyers – the housing inventory on the South Florida real estate market is shrinking.

As that happens, remaining properties for sale on the South Florida real estate market will become even more coveted because there won’t be as many of them available.

This will, in turn, cause home prices to rise over time, meaning that your chances of getting the price you want on your luxury South Florida home will increase.

Your South Florida Real Estate Expert

If you’re ready to enter the South Florida real estate market as a home seller, then contact me, Scott Patterson.

I’ll tell you about the aggressive and comprehensive marketing plan I offer to my clients as well as provide you with a number of helpful home selling resources, such as:

Until next time,

Scott

Positive Signs for South Florida Real Estate Market in 2012

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The year 2012 may turn out to be a better year for the South Florida real estate market than previously expected, according to panelists at a Greater Miami Chamber of Commerce meeting.

During the panel discussion on real estate and new construction, experts predicted that the South Florida housing market had finally bottomed out.

Ron Shuffield, president of our company Esslinger Wooten Maxwell Realtors, attended the meeting and participated in the discussion.

Continue reading to learn  about his predictions for 2012 and what it means for interested South Florida home sellers.

South Florida Homes for Sale

According to housing experts, low interest rates as well as depressed sales prices on the South Florida real estate have attracted a new influx of home buyers.

Given the increasing demand for homes, Ron Shuffield said that the only thing that may slow down home sales in 2012 would be a shrinking home inventory.

For instance, typically there should be a seven to nine month home inventory. But right now, there’s a six to seven month housing inventory.

Panelists credited that shrunken inventory to heavy discounting, especially for South Florida condominiums.

Here are some of the predictions that these real estate experts made for the New Year:

  • The last of the 4,700 condominium units remaining from the 49,000 built in the region in the last several years will be sold in 2012
  • Many of those 4,700 condominium units will likely be converted into rental properties.
  • Several of the proposed condominium projects in Miami-Dade County will reach fruition in 2012, adding about 4,200 units to the market.
  • European and Latin American investors will continue to fuel much of the activity on the South Florida real estate market
  • A possible increase in mortgage interest rates as well as land prices, however, may slow down the economy once more.
  • What’s more, new condos priced too high could also stall real estate activity.

South Florida Properties

The outlook on the South Florida real estate market definitely seems to be improving each year, suggesting that the market is starting to swing back toward a neutral market rather than a buyer’s market.

This should be welcome news for South Florida home sellers trying to get a good deal on their home.

From my expert advice to my many home selling resources, I’ll make navigating the South Florida real estate market a breeze for you.

Until next time,

Scott

A Look Back at South Florida Real Estate Activity in 2011

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The year 2011 was marked by increasing sales volumes, international home buyers using cash only and depressed home prices, according to a recent report from the Miami Association of Realtors.

Continue reading to learn more about how the South Florida real estate market fared at the end of 2011 – and what local real estate experts are predicting for 2012.

Florida Homes for Sale in the Aventura, Hallandale and Golden Beach Areas

Here’s an overview of some of the trends that South Florida REALTORS saw on the local housing market in 2011:

  • International home buyers spent about $3.5 billion in cash on distressed South Florida real estate
  • Although home sales increased and the total housing inventory decreased in South Florida, home prices remained relatively stagnant.
  • The South Florida rental market saw growth as former home owners became renters.
  • The home inventory in South Florida dropped to 28,000, or by about 40 percent.
  • Meanwhile, the shadow inventory of foreclosed homes that are not listed for sale yet increased to more than 200,000.
  • South Florida existing home sales increased at a slower rate than earlier in the year, although median home prices began to increase.
  • In Miami-Dade County, there were 1,064 condo sales in November, up 2 percent from November 2010.
  • Meanwhile, single family home sales increased by 11 percent year-over-year, to 755.
  • In Broward County, there were 1,089 condo sales in November, down 1 percent from November 2010.
  • Meanwhile, single-family home sales increased by 22 percent year-over-year, to 961.

Analysts are cautiously optimistic about what 2012 will bring for the South Florida real estate market.

While some believe that there isn’t likely to be any real market rebounds until 2013, others believe housing market activity will improve considerably in 2012.

Here are three predictions that the Miami Association of Realtors made for the new year:

  • Home prices will remain low. Experts believe that the high number of distressed properties on the market will keep home values depressed. As an illustration, more than half of all South Florida home sales in November involved a foreclosure or short sale. In a normal market, those types of properties would have made up less than 5 percent of sales.
  • There will be an increase in foreclosed properties on the South Florida real estate market. In 2011, there was a slowdown in foreclosed properties entering the market as banks dealt with a backlog of court repossession paperwork. But experts predict that slowdown will end in 2012, possibly dragging down home values further.
  • More people invest in the rental market, fueling South Florida home sales. While it may seem counter intuitive, an increasing number of South Florida investors are buying homes to turn them into rental properties because of the high demand for rental properties in the area. This in turn is helping create activity on the local real estate market.

Your South Florida Real Estate Expert

While we may not be out of the woods yet, there are plenty of signs to suggest that the sluggish South Florida real estate market is beginning to improve.

The year 2012 may become a turning point on the South Florida real estate market.

For expert advice on the best way to navigate the local housing market as a home buyer or a home seller, make sure to contact me, Scott Patterson.

As your South Florida real estate expert, I have extensive experience working in such local housing markets as:

Until next time,

Scott

South Florida Real Estate Summer 2011 Market Update

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The median sales price for South Florida homes has steadily increased since the start of the year , according to Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors

Here’s some of the recent news that Ron shared with us about the South Florida real estate market:

  • Between January and May of this year, the median sales price in Miami-Dade County rose from $150,000 to $180,000.
  • Between January and May of this year, the median sales price in Broward County rose from $165,000 to $190,000
  • 61 percent of our company’s sales are for either a short sale or a foreclosure.  However, that is down from 67 percent just four months ago.

Ron said he is “cautiously optimistic” about the most recent trends on the South Florida real estate market.

As the inventory of South Florida homes for sale continues to dwindle, prices are expected to increase, he said.

Learn more about the current state of the South Florida real estate market by watching the below video from our company’s president.

Navigating the South Florida Real Estate Market

 

If you’re interested in entering the South Florida real estate market as a home buyer or home seller, contact me, Scott Patterson, your South Florida real estate expert, today.

Whether you’re an interested South Florida home buyer or a South Florida home seller, I’ll be happy to answer any questions you might have as well as provide you with a number of helpful South Florida real estate resources to help make navigating the market easier.

Until next time,

Scott

Foreclosure Numbers Down on the South Florida Real Estate Market

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Over the last couple of years, South Florida has gained a reputation for its many foreclosed homes.  But recent data suggests that that reputation is becoming increasingly inaccurate.

Foreclosures in South Florida dropped by more than 50 percent during the first quarter of 2011 when compared with that same period in 2010.

The greatest drop in foreclosures was seen in Broward County.

Statewide, foreclosures rates dropped by 32 percent year-over-year in the first quarter.

South Florida Real Estate

There have been steep and steady decreases in  foreclosure filings in South Florida since last fall, suggesting that the real estate market is recovering.

Here’s an overview of each of the three South Florida Counties:

  • In Broward County, foreclosures in the first quarter of 2011 dropped by 68 percent year-over-year, to 6,876 foreclosures.
  • In Miami-Dade County, foreclosures in the first quarter of 2011 dropped by 64 percent year-over-year, to 7,257 foreclosures.
  • In Palm Beach County, foreclosures in the first quarter of 2011 dropped by 57 percent year-over-year, to 4,734 foreclosures.

Investing in South Florida Real Estate

While it’s true that foreclosures are not viewed as a positive thing by interested South Florida home sellers, they can be a great opportunity for South Florida home buyers.

After all, South Florida foreclosures drive down home prices, which creates a South Florida home buyer’s market.

There truly are some great deals to be found on the South Florida real estate market right now.

But as foreclosures continue to decrease, home prices are expected to begin to rise again as we are already seeing in the market today.  Especially in many waterfront communities.

Thus, if you’re thinking about entering the South Florida real estate market as a South Florida home buyer, now is a great time to do so!

Contact me, Scott Patterson, today and I’ll let you know about available listings in the area as well as answer any questions you might have.

I’ll also provide you with a number of helpful South Florida home buying resources, including:

Until next time,

Scott

South Florida Real Estate Market Praised by National Government

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The Federal Reserve recently recognized the South Florida real estate market for its home resale market, according to a recent article in the Miami Herald.

The recognition was part of a larger report completed by the Federal Reserve in which they said the economy is expanding fairly steadily in most of the country, although some regions are showing negative growth.

Continue reading to learn more about the Federal Reserve’s predictions for the national economy as well as how South Florida home owners will be affected.

South Florida Real Estate Market Update

Although much of the South has demonstrated slowed growth, Florida actually stood out for its home resale market.

The report noted that Florida home sales are doing remarkably well and keeping at a pace that’s enviable. Real Estate market’s are very area specific and development specific, 31% of Florida sales are cash transactions but South Florida has a far higher percentage of cash transactions due to the higher number of International Buyers.

The report also found that leading economists predict that the national economy will expand at about 2.7 percent a year.

Although a complete economic recovery likely is still a ways away, it’s nice to know that the South Florida real estate market is standing out to the national government as an industry that is doing better than most.
This is definitely good news for South Florida home sellers as it shows them that there is movement on the South Florida real estate market and there are interested South Florida home buyers.

Selling Your South Florida Home

Have you been thinking about entering the South Florida real estate market as a South Florida home seller?

As a South Florida real estate expert, I will put together an aggressive marketing plan to ensure that we sell your home at the best price possible in as little time as possible.

To learn more about how I help South Florida home sellers, check out some of my FREE South Florida home selling resources, including:

Until next time,

Scott

South Florida Real Estate Market Update for July

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The MIAMI Association of REALTORS recently released some data that describe the current state of the South Florida real estate market.

One of the group’s biggest conclusions was that Broward housing inventory has fallen below a six month supply. Keep in mind this is averaged out for all price ranges, however when it’s broken up in different price range categories from like $1-2 Million, or $2-3 Million and up the picture is much different as there are more month’s supply, in other words the the higher the price range, the more inventory there currently is.

For example today in Broward County we have approximately 83 months supply of single family homes over 3 million dollars and less than 4 months supply for single family homes less than 300,000.

The group found that inventory of residential listings in Broward County fell by 27 percent – or from 20,143 in May 2010 to 12,742.

Comparatively, total housing inventory nationally only fell by 1 percent.

This is great news for interested South Florida home sellers.  After all, as there become fewer homes there are on the South Florida real estate market, demand for South Florida homes will inevitably rise.

When demand for South Florida homes rises, South Florida home sellers will have more bargaining room when it comes to selling their South Florida home.

More Information on the Current State of the South Florida Real Estate Market

Here’s some additional data that the MIAMI Association of REALTORS recently released:

  • Condominium sales in Broward County increased from 1,348 in May 2010 to 1,537 in May 2011.  That’s a 14 percent increase year-over-year.
  • Single-family home sales increased by 6 percent – or from 1,078 in May 2010 to 1,142 in May 2011.
  • Cash transactions made up 60 percent of all closed residential sales in May
  • Statewide, condo sales increased by 17 percent while single-family home sales increased by 3 percent.
  • Meanwhile, national homes sales decreased by 15.3 percent during that same period.
  • The average sales price of condominiums on the South Florida real estate market increased by 3.7  percent from May 2010 and May 2011.
  • The average sales price for single-family homes on the South Florida real estate market decreased by 2.3 percent from May 2010 and May 2011.
  • Statewide, the median sales price for condos increased by 2 percent from May 2010 and May 2011.
  • Statewide, the median sales price for single-family homes decreased by 5 percent from May 2010 and May 2011.

Entering the South Florida Real Estate Market as a Home Seller

If you’ve been considering selling your South Florida home, now is a great time to do so!

As the inventory of South Florida homes for sale continues to decrease, South Florida home sellers will have more of a say when it comes to setting a sales price.

As a South Florida real estate expert, I’ll be happy to walk you through what I can do for you as a South Florida home seller.

This includes answering any questions you might have, developing an aggressive South Florida marketing plan for your home, and providing you with such South Florida home selling resources as:

Until next time,

Scott