The South Florida housing market, as well as that across the country, has witnessed double digit price increases over the span of a year, from 2012 to 2013. In fact, industry leaders and professional claim that we are in or entering another bubble in South Florida, due to the lack of inventory. It is a sellers market once again, with homes being listed for sale and obtaining numerous contracts, at asking price, within hours of hitting the real estate market. This is particularly true in cities such as Coral Gables, Coconut Grove, Pinecrest and other Miami Dade County areas.
The question for Sellers and Buyers alike then becomes, should we list? Should be buy now? Or should be wait and see if prices flatten out? Everyone would love to have the answer to this but unfortunately, all we can do is predict.
According to the CoreLogic Case-Shiller Price Indexes, price appreciation is expted to fall out of the double digits, reaching 5.4 percent by the beginning of 2014. And wil continue to drop off even further to 3.4 percent over the next 5 years.
The housing market has witnessed over the past year, increase in housing construction, and all time low inventory. This will affect home prices for a time to come. However, in recent months, we have seen investor demand waning, and not steady or increasing as the beginning of 2013.
With this information, the most important bit of advice for any investor, seller or buyer in this market, is to hire the services of a professional real estate attorney and realtor to make sure that the property is priced right, whether buying or selling.
As a real estate attorney, accountant, and realtor, Jacqueline A. Salcines, Esq. provides sound advice for investors and sellers alike.
Call us today for a free consultation. Or email us at J.Salcines@Salcineslaw.com
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