This message is time sensitive and relate to today’s real estate market in South Florida. Market conditions have changed and are not what they were…
The time to buy is now! Actually, it was yesterday and up to two years ago, but today is better than tomorrow. Prices are up almost 20% from last year and expected to continue rising. The highest increases in 8 years. Stop crying about not buying earlier, markets are hard to time, and prices are still reasonable but you may be crying in six months if you don’t buy today.
Not all Sellers know that prices are up. Many Sellers have been stuck in their property for years because of a down market and are thrilled to sell today because they can. They are not as greedy as they soon will become with the housing market shifting from a Buyer’s Market to a Seller’s Market quickly.
Interest rates are still low and Fannie Mae is still lending with only 3.5% down. This can not sustain. Lower rates mean more home for the same monthly expense.
Short sales, foreclosures and the elusive bargains are almost gone. They are already gone in exclusive, established neighborhoods in South Florida. Today’s retail price is the bargain of tomorrow. South Florida is still underpriced real estate to the rest of the world.
Opportunities to buy New Homes in Large Developments are limited. This is one of your last chances to buy a New Construction home in a large development in our area. Land is limited and they aren’t making anymore. To our west is the protected Everglades and to our East is the Atlantic. Old neighborhoods may get gentrified in the future, and there will be small condo and town home communities newly developed sporadically, but land is scarce. These next few years are the last we will see new large scale communities being developed in South Florida. Especially in desirable areas within Dade, Broward and South Palm Beach County such as Boca Raton, Delray Beach and Boynton Beach.
Inventory is slim. You may not have heard, but there are several offers on most properties in today’s market. This means prices are low and demand is high. There is a pent up demand between a better economy, massive increase in Baby Boomers and Foreign Investors, and an overall growing population.
You are competing with Large Corporate Buyers. There are several large institutional buyers in the area and they are your competition. This is one of the reasons there will be less homes available for sale in the next 5 years. Corporate, “Wall Street” type Hedge Funds are buying up South Florida en masse to hold long term as rental properties. They know real estate is a great investment and these funds are in it for the long road, and are heavily capitalized. If you are looking under $700,000, your home search will be limited and affected by these mass purchases.
Million dollar estate and mansion buyers should be running to find a property. Wealth is increasing around the world, and South Florida is limited on water front properties and large acre properties. Expect to pay more every day that you wait to buy.
Don’t let these reasons leave you feeling it’s too late to capture the best deals in South Florida’s real estate market. My company, Mangrove Realty (located in Delray Beach, FL) and I, still can find your dream home at a great price if you call today and get started NOW!
Damara Cohn is the Founder, Owner and Broker of Mangrove Realty, Inc. Mrs. Cohn is originally from Queens, New York. She relocated with her family during her school years to Boca Raton, FL. Damara Cohn is a graduate of the University of Central Florida, and is a Florida Resident and Palm Beach County Resident for the past twenty-five years. Mrs. Cohn has been a real estate professional for over fifteen years in South East Florida. Her experience includes residential real estate sales and rentals, commercial real estate sales and leasing, foreclosure sales, lender representation, agent training, short sales, and investor consulting. She has won numerous sales and marketing awards, including the prestigious Realtor.com Technology Award and Realty Alliance National Sales Award. Damara Cohn is also a Certified Short Sale Agent who has helped many homeowners in their hardest of times. Mrs. Cohn has also been the official Realtor, and Mangrove Realty, Inc., the official brokerage to the City of Delray Beach and Delray Beach CRA. She still actively helps the these agencies along with the Delray Beach Land Trust and Delray Beach Housing Authority, acquire and sell properties for their numerous programs. Additionally, she is a long standing member of the Florida Association of Realtors, National Association of Realtors, Palm Beach Board of Realtors, and Beaches MLS. Delray Beach is home to Damara Cohn for the past eleven years, and her real estate brokerage, Mangrove Realty, Inc., for the past six years. Mrs. Cohn and her family are active in the Delray Beach Community. Her children attend a Delray Beach public school where she is active in the PTA and school sponsorship. Mrs. Cohn main goal has always been to help people achieve their dreams, and she continues to do this with a passion every single day. 561-637-4559 Damara@MangroveRealty.com