Residential real estate market in South Florida strong for buyers

Residential real estate market in South Florida strong for buyers

The South Florida market appears to be a ripe place for home purchasing over the next 12 months. Recent residential real estate market research indicates that more than 25 percent of people in Miami-Dade, Palm Beach and Broward counties who purchased homes during the past 10 years are prepared to shop for a house again. About 28 percent of them said that they were highly likely to buy new homes; this is a huge jump from last year, when the figure was just 9 percent.

More renters in the area of South Florida are also gaining the confidence needed to buy houses. In fact, the confidence level among renters appears to have grown more quickly than that of existing homeowners. This may be because renters are tired of constantly increasing rents, and they consider homeownership to be more stable in the long run.

Most houses in South Florida are currently priced between $250,000 and $400,000. It is worth noting that home-buying appears to be moving more quickly than that of condos. Although Florida was one of the hardest-hit parts of the United States in the housing bust, it is quickly recovering.

The research indicating that this year appears to be a beneficial year to buy a new home may bring hope to both buyers and sellers. Right now, a wide range of homes are on the market from which buyers may select. Sellers benefit from the current market because they can more easily sell their homes than they may have been able to in the past. Proper legal guidance can help both parties to complete a residential real estate transaction in a manner that will best suit them long-term.

Source: sun-sentinel.com, "More South Floridians ready to buy a home", Donna Gehrke-White and Paul Owers, March 13, 2015