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.
Until next time,