Many buyers and sellers are on pins and needles… not knowing whether to take the plunge and buy a property or place their homes on the market and take a chance that they are making the best profit. Certainly no one expected the housing market, paricularly the Miami, Coral Gables and Pinecrest areas, to go up so dramatically since the bubble exploded. However, the wave of recent sales and the return to the 10 contract deals, has certainly put the market back in the sellers hands.
So, to invest or not to invest? That is the question. TrustED market researchers and forecasters predict a steady 1% to 3 % increase in home prices in 2013, but is this accurate? Afterall, Miami, Florida is certainly not the norm, and in some areas, prices are inching back to 2003 and 2004 levels. Certainly, the market has turned the corner and the chances of the bubble burting again, are very slender.
There is also the issues of the Mortgage Interest Tax Deduction that will impact recovery. While most tax specialists expect a “cap” rather than a full elimination, for the LUXURY HOME BUYER and higher income folks, this is something that needs to be considered as it may affect their benefits from the tax deduction.
Sales are also being helped by record low mortgage rates, lower unemployment and a decrease in distressed home sales. This is causing an improved demand for homes, specifically in the South Florida area, where inventory is so diminshed.
The National Association of Realtors reported that while December sales were just slighly below November, sales for the full year (2011) were the best we’ve seen since 2007. Source: National Association of Realtors.
“As a real estate professional in the business for more than 15 years, the best advice I can give for navigating the 2013 real estate market is to hire the right team of professionals, including a knowledgeable attorney to check title and a realtor who can assess home values, comparables in the area, as well as determine the best price to come in at or list at. This will remove your competition and provide you with peace of mind that you are buying or selling at the best price, a price supported by our presend day real estate market.” Jacqueline A. Salcines, Esq.
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