The National Association of Realtors (NAR) indicates that the demand for real estate throughout 2010 will likely remain fairly flat, although the market is encouraging – for buyers.
That announcement, along with the expected increase in short sale and foreclosure properties in South Florida’s Real Estate Market, will likely tighten the screws on home sale pricing.
It will also pressure sellers into re-evaluating and correcting their pricing in order to compete with mounting inventory.
Yes, we can expect home prices to continue to drop… somewhat. Why? Primarily, I think it’s mainly because so much of the current inventory is over-priced to begin with. Once any piece of real estate is priced compellingly though (whether it’s a home, condo, vacant land, or commercial property) buyers are quick to see and understand value… and that’s when they buy. It’s not so much that underpriced property is selling, but rather it’s that correctly priced property is.
With additional discounted property inching it’s way onto the market (short sales and foreclosures), value matters more to buyers now than in years’ past. Proper pricing entices buyers to look. That is the first step in getting buyers to buy.
If you are in the market to buy or sell real estate, and need a knowledgeable Realtor to put your interests first and foremost, give me a call or contact me here. I would love to assist you with any property acquisition in South Florida… or elsewhere, globally. If you missed previous articles on Miami’s real estate forecast for 2010, you can link to them here. For future udates, we encourage you to visit our website .