Most of our readers know that buying a home is one of the biggest decisions they will ever make in life. It can be such a financial commitment to own a home that jumping into the residential real estate market without knowing what to expect can leave a prospective buyer’s head spinning. With all of the details involved, from negotiating contract terms in real estate agreements to unexpected title issues, it can seem like the whole process takes forever between that exciting period of house hunting to the actual real estate closing. So, for potential buyers and sellers in South Florida, what can they expect?
Well, according to a recent article, the answer seems to be “expect the unexpected.” The article noted that the local real estate market is experiencing somewhat of a lull from the frenzy of the last couple of years, with the sharp spiking of sales prices cooling off just a little bit. And, the article also noted that there are more options on the market for buyers to consider this year – in stark contrast to previous years where the inventory crunch saw bidding wars on the choicest of properties.
But, it is important to note that this does not mean that the South Florida market has swung back to favor the buyers completely. All-cash purchases are still more common in the local area than they are almost anywhere else in the United States, and the wide array of different types of residential property in South Florida can make it hard for a “normal” housing market to emerge at all.
While markets throughout the country can swing on the pendulum between favoring sellers and back toward favoring buyers, the one constant is that real estate deals will always be somewhat complex. Try as they might, our South Florida readers may wear themselves out if they try to go it alone in a real estate deal, without the right information.
Source: Miami Herald, “House-hunters find more choices – and higher prices,” Martha Brannigan, May 13, 2014