Just about every transfer of commercial property and residential property culminates in one event: the real estate closing. In most commercial real estate transactions a great deal of work has already been completed prior to the closing, so there often is much less stress on the individuals who come to the meeting. However, for those South Florida residents who are purchasing residential real estate, getting to the real estate closing can be both exciting and nerve-wracking.
Our South Florida readers have probably seen previous posts here that noted the exploding number of condo towers that are popping up everywhere. A recent report, however, noted a firm estimate on the actual number: over 80 condo towers east of I-95 throughout Miami-Dade County, Palm Beach County and Broward County.
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?
When home buyers in South Florida finally reach acceptable contract terms on real estate agreements, it can be exciting. Some buyers look for months for the perfect piece of residential property to call home, and when they find it all of the effort seems to be well worth it.
Take the good with the bad, weigh the pros and cons - most of our South Florida readers have heard these clichés before. However, when it comes to deciding on when - or if - the timing is right to jump into the steadily improving residential real estate market, these clichés could do both buyers and sellers some good.
Most of our previous posts for some time now have focused on all of the good news associated with the South Florida real estate market. Home values have been rising consistently, residential development is firmly underway and residential property in the area seems like it has never been hotter. However, many of our previous posts have also commented on the possibility of the housing recovery picking up too much steam, leading to more problems in the future - possibly the near-future. A recent article in the Sun Sentinel sounded those same alarm bells.
While many of our South Florida readers may have noticed the uptick in residential development in the local area, some may not know that existing inventory is also a hot commodity - even distressed properties. A recent article detailed how the inventory of residential property which has been foreclosed on or for another reason had a depressed value or price has decreased markedly over the last few months. This could be good news for those in the market to sell, as fewer distressed properties on the market could translate into an increase in property value for everyone.