No Clearance Sale in Florida despite “Depressed Market” but
Still A GREAT TIME TO BUY - Welcome Snowbirds
So it is getting cold up North. Time to Fly South for the winter. For many South Florida homeowner hopefuls there are a few myths that should be cleared up prior to your home search.
Despite the fall in home prices and the mountainous avalanche of foreclosures mounting from the housing bubble, there are no Clearance Sales in South Florida or Port St Lucie Real Estate. Especially now. You see, while home were foreclosing, buyers were buying. We are not “sitting” year-old inventory.
Many first time homebuyers jumped on the buying wagon when the prices first fell. These are the buyers who could not afford the inflated prices or were smart enough to understand they could not really afford it in the long run.
Our second wave of buyers came from the early defaulters who have since saved up cash to take advantage of the still lowering house prices.
And our Third set of homebuyers have been those who live in a home with a pre-bust mortgage or hefty home equity line of credit but were not on their partners note from the previous purchase.
Finally do not forget about the investors who have been buying all along.
Single Family Homes have continually sold while new ones have become available. Maybe in the beginning of the bust more homes were becoming available than were being bought but they have since been purchased. To Boot… the homes bought at the beginning of the boom were bought at about 25% higher in price than today’s minimal inventory. – What does this mean? It means that despite the lower inventory – IT IS A GREAT TIME TO BUY!
The South Florida and Port St Lucie Condominium Market has been swallowed up too. If you want that 150k condo in Evergreen for 20K you will be searching for a ghost. As a matter of fact.. today you will find zero. Across the street is Midport Place with only 6 condos available and in the large complex of the Belmont there are only two condos under $100.00 Up the road is The Anchorage. So out of the conceived hundreds of condos begging to be bought, in these three communities we have 13. At least the early snowbirds will have a chance to catch a worm.
So if you are ready to stand in line for S. Florida to pay you to buy.. bring a few bucks with you. Don’t get me wrong… it is a GREAT TIME TO BUY… but you will need to be ready to pay current market value.. not a fire sale price.
GAYLE BEYER – BROKER
WELCOME CENTER REALTY
800-375-5080
WWW.FLA777.COM
TREASURE COAST / PORT ST LUCIE / FLORIDA
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