In an earlier post, we noted the encouraging trend of new development in South Florida. Since then, there have been more signs that the national residential real estate market is improving, and it appears Florida is poised to lead the rebound.
Reports are showing that several areas throughout Florida, including Broward County, are among the top regions in the country in terms of demand for residential real estate. In Southwest Florida, the numbers of pending sales and median home prices are both increasing, while the typical number of days on the market is decreasing. Some counties in the state are showing housing inventory numbers at low levels not seen in years. Other areas are showing double-digit increases in the percentages of single-family home sales month over month.
This is good news for Florida, as it is widely assumed that the economic malaise the country as a whole is experiencing will not truly begin to turn around until the housing market stabilizes. Investors in particular have begun to notice the opportunity that potentially exists in Florida’s real estate revival if the market is actually finished “bottoming out.”
Whether selling or buying, most people know that real estate transactions are complex, detail-driven undertakings that can be overwhelming even for experienced investors or homeowners. Contract negotiations, escrow accounts, tax implications and closings are all key parts of many real estate agreements, and each step carries the potential of having the deal fall through.
From loan application to closing, buyers and sellers alike will want to do what they can to avoid the headaches that could result from a failed or faulty real estate transaction. Even if the market is improving, Florida residents should take the necessary precautions to ensure a satisfactory deal.
Source: news-press.com, “Commercial Connection: Florida’s housing market enters 2012 with momentum,” Gary Tasman, March 3, 2012