When in the market for a residential property, there are a lot of factors that can influence a buyer's decision. Price, location, features and other variable often weigh heavily on a buyer's mind when making this big decision. One thing some people sometimes do not consider is timing. The real estate market can fluctuate up and down and being at the right place at the right time, can be beneficial for a buyer in a residential real estate transaction.
According to supply and demand and other factors influencing the southern Florida market right now, some claim that now could be a favorable time to buy. Certain markets, like luxury condos, have an excess in demand with a lower supply trending for the last several quarters. This can often cause sellers to drop prices or to offer other incentives attractive to buyers. In comparison, the single family market is on the rise with the SoFla market seeing more demand in that area.
According to a real estate CEO in the area, the amount of luxury condos both in existence and in production, may cause sellers to drop prices by significant amounts. He predicts that the average price reduction is around 19 percent. He is even claiming that some are 35 percent off the initial asking price. For the entry level market, demand has been booming, which is quite the opposite when looking at supply and demand in the luxury condo market.
Residential real estate properties can come in many shapes, sizes and price-points. Determine what is best for you and if it's the right time to buy. For those in the luxury condo market, this could be the right time to close on your real estate deal. You could get the condo of your dreams, maybe even for a significantly discounted price.
Source: therealdeal.com, "SoFla luxury condo sales to stay slow as single-family market grows in '18, experts say," Francisco Alvarado, Dec. 27, 2017