Broward County residents have been getting mostly good news about the real estate market for months, so many people were probably expecting at least a shade of a warning sign at some point. The warning, if it could be called that, comes from the authoritative residential real estate website Zillow.com, whose chief economist has predicted that the market for residential property in Broward County is likely to "level off."
Our South Florida readers have heard it before, and now it appears they'll hear it again: Broward County is still one of the pockets of good news for the housing market.
Some knew it would happen, others didn't.
As the country's economy continues on a sluggish pace toward recovery, many Americans, including those in South Florida, are looking for any positive sign pointing toward better conditions. The unemployment rate remains stagnant, and hopes of a swift end to the recent recession appear to be waning. However, a recent report offered one ray of hope for the housing market, as real estate transactions were reportedly up sharply in May.
Any of our readers who are familiar with our previous posts probably know that South Florida -- and in particular Broward County -- is an area of the country that is currently an exception among other downtrodden real estate markets. While statistics for the housing market nationwide continue to show stagnation, most of the figures pertaining to the South Florida housing market are showing a relatively robust rebound.
Our South Florida readers have probably seen previous posts here referencing the widespread interest in Broward County real estate among international buyers. Our area is ideal for almost any kind of lifestyle, and international interest comes from the chance to snatch up desirable Florida property at what have been depressed prices in recent years.
If you are a Broward County resident who is familiar with our previous posts, then you know that the residential real estate market in South Florida is getting pretty hot compared to recent years. Many previous posts have noted how the overall negative real estate malaise that is affecting most of the country is turning a bit brighter when it comes to places like Miami-Dade, Palm Beach and Broward. As it turns out, the trend appears to be continuing.
South Florida residents may have heard the term "shadow inventory" creeping into conversations more frequently in recent months. The term refers to the foreclosed homes that remain on the real estate market to be sold at a discounted price. Shadow inventory is good for buyers and bad for sellers.
As we've discussed previously, there are many indicators that residential real estate in South Florida -- and specifically in Broward County -- is beginning to surge forward while the rest of the country's housing market slowly bottoms out and recovers. In light of the good news about real estate in Broward County, a brief primer on how house hunters should prepare to enter the market seems only logical.
Previous posts on this blog have noted the sense of a generally improving real estate market in the nation, and especially in Florida. Recent data indicates that Broward County in particular, and South Florida overall, may be at the starting gates of what could turn into a rush for prime residential real estate.