Right now in South Florida 7 out of 10 condos are foreclosure or short sale listings. 2/3 of all real estate transactions involve distressed property (whether foreclosure, pre-foreclosure, or short sales).
Not only do those distressed sales downwardly influence real estate market pricing, but they have an impact on appraisal values as well. And the good news in that is …that as a direct result of compellingly priced property and competitive mortgage rates this is an opportune time … for you… if you are a buyer.
But what if you’re selling? Inventory has dropped by 1/2… While that gives buyers less to choose from, as a seller that news is good.
This year (2011) there will likely be more sales than ever in the history of Miami-Dade County.
2011 is the biggest year since 2005 for property sales in South Florida. In Dade County:
27,000 homes sold in 2005.
13,000 homes sold in 2008.
24,000 homes sold in 2010.
And South Florida is by all appearances on track, so far in this first quarter of 2011 to hit the 30,000 mark by the close of 2011 in homes SOLD in 2011 in Miami-Dade County.
Whether you are looking to buy or sell, now might be the right time. If you are considering either, the Restivo Team at EWM would love to explore the possibilities with you. We’d love to see if there’s a mutual ‘fit’ … and if so, we’d be delighted to work with you. Our cell numbers are: 305 793-1365 for Vicki … and 305 632-0164 for Alexandra. You can reach us by text or email at email@example.com as well.