From all of the real estate reports our readers have been seeing over the last couple of years, most people probably think that the local market has turned into a "seller's market." However, according to a recent report, some prospective buyers in the South Florida market may be able to find lower priced homes more easily nowadays.
The report indicated that in the tri-county area of Palm Beach County, Miami-Dade County and Broward County, a whopping 10,001 properties were listed for sale at prices below about $150,000 in October of this year. According to the report, that is nearly 50 percent more than what was listed in October of last year. Apparently this is part of a trend of rising inventory in the local real estate market. The report pointed out that the number of listings that have much higher sales prices has increased as well.
However, the problem, it seems, is that some of the lower priced properties on the market may not be in the best condition. Some may not even be move-in ready; something that first-time homebuyers almost always want when they are contemplating a potentially life-changing real estate transaction.
The overall real estate market in South Florida is also playing a role in the amount of lower priced properties that come up for sale. Most people know that there are quite a few properties in the local area that are definitely higher-end in terms of value. Those types of properties can have a tendency to pull up the value of all property in the area, even modest "starter" homes. But, for prospective first-time buyers, this recent report may give hope that those dream properties are out there.
Source: Sun Sentinel, "More lower-priced homes hitting the market," Paul Owers, Nov. 21, 2014