Our readers in South Florida are probably getting used to seeing mixed reports regarding the local real estate market by now. The almost unprecedentedly strong rebound of the residential real estate market that has been occurring over the last several years appears to be cooling down. Fortunately, not all of the news is bad throughout Florida.
Although previous posts here have pointed out that the residential real estate market in South Florida has been slanted in favor of sellers in recent years, it has become clear that the market is beginning to balance out. For some people, that means that the time is now to put their residential property on the market for sale. So, what should South Florida residents know about selling a home?
Many of our readers probably remember how some degree of ire was directed at so-called "home flippers" during the depths of the housing crash and the early years of the slow recovery. Home flippers were viewed by some as get-rich-quick investors, buying a piece of property in foreclosure, making some small renovations and then turning around and selling the property for a quick profit. However, when it comes to real estate in South Florida, this type of investment and turnaround can actually be quite popular, if it is done right.
Many of our readers in South Florida have heard the famous quote that "change is the only constant in life." While this saying obviously applies to a wide variety of situations that can pop up, it is definitely an accurate assessment of most real estate markets throughout the country. The South Florida market is no different. While the last several years have seen a strong local market - stronger than most - in recent months there have been some indicators that the local market may be facing some changes sooner rather than later.
Many real estate experts in South Florida are keeping a close eye on a number of indicators that may help them to decipher where the market is headed over the course of the next couple of months. Among the many factors, there are few that are obvious: the number of sales and the median sales price. According to a recent report, those two figures presented conflicting data for the month of October.