The good news is ... inventory levels in South Florida continue to decline from a high of 41,196 (October 2007) to 38,360 today (a decline of 6%). Also, we have gone from a 4+ year supply of homes to a 2 year supply of homes. These are all solid indications that we are approaching the bottom of the housing crisis.
Unfortunately the decline of inventory is not due to increased sales. The decline is because home owners are taking their homes off the market ... 26,641 listings have expired this year.
Additionally, the foreclosure rate continues to skyrocket ... 25% of all properties for sale in South Florida are either bank owned or in pre-foreclosure. The bank owned properties will continue to dominate pricing for 2 more years ... some segments locally have seen a 26 -- 29% drop THIS YEAR.
If you need to sell your home or know of someone that needs to sell their home, please call me immediately. I and my team have set lofty goals this year and we need YOUR help.
If you, or anyone you know, has ever thought about investing in real estate, this is the time!!!!
Regardless of when the market turns around, in 10 years you will look like a genius.
Oceanfront home? Investment Properties? Condos on the water? This is the time to buy.
WE can help you or recommend a top agent anywhere in the country.
Nicholas Goglucci, PA., CRS
Certified Residential Specialist
Certified Luxury Home Marketing Specialist
e-Pro Agent
Re/Max In Motion
Direct: 954-650-7800
Fax: 954-903-4348
www.GoglucciTeam.com
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