The housing market in South Florida is currently considered the state's most stable one. This is good news not only for homeowners but also for people interested in buying homes in the region's residential real estate market. The South Florida area that scored high on a market index recently includes the area of Miami-Dade, Palm Beach and Broward counties.
The index used to measure real estate market stability was the Freddie Multi-Indicator Market Index. Based on this index, the South Florida counties scored over 82 back in June, which is an increase of 14 percent from last year. A score of 80 or higher is deemed stable or favorable, while 100 is considered an ideal score.
The market in South Florida reached 80 during the month of May -- the first time this had happened since August of 2008. It is the sole metro area in Florida out of eight of them that is above 80, although Cape Coral has a score of 79.9. Many of the housing markets impacted by the Great Recession are rebounding with the main driver of the recovery being strong job growth.
Although several people continue to look at the South Florida area as an investment, an increasing number of individuals are viewing it as home. Whether a person is buying or selling a home, the deal could end up failing if the proper legal steps are not taken at every stage of the residential real estate transaction. Appropriate legal guidance may help both sellers and buyers complete their transactions in a way that is personally favorable in the Sunshine State.
Source: sun-sentinel.com, "Housing market: Multi-Indicator Market Index up in South Florida", Paul Owers, Aug. 27, 2015