Ft Lauderdale real estate has been booming for the last five years. Then a few months ago something changed. All of a sudden the Sun Sentinel and the Miami Herald had nothing good at all to say about the South Florida real estate market. I even read some where that the Florida real estate bubble had finally burst. I don't think what is happening in the market is quite that serious but there are changes happening.
For years Ft Lauderdale was a sellers market. That meant that sellers held all the cards and where in total control. During this time it was not uncommon for sellers to get multiple competing offers with in hours of their property being listed. Homes where selling for above appraised value and buyers where bringing cash to the closing table to make up the difference. This created a very uneven playing field and there where a lot of buyers who where locked out of the market. Over night almost we went from a sellers market to a buyers market. This happens when the local inventory of homes becomes greater than the demand for those homes. In this market the qualified buyer is in a much better position than he or she was a year ago. Last month, in Broward County, there where 19,000 homes listed for sale on the MLS (multiple listing service) and only 777 of those sold. Homes are staying on the market for up to seven months sometimes with no offers at all. You may have heard people say that the market is correcting itself; well this correction is presenting an excellent opportunity to you, the buyer. Let me show you why.
• Ft Lauderdale real estate is now a buyer's market
• Large supply versus less demand equals lower pricing
• Buyers are now in control due to larger inventory
• Because of larger inventory buyers have more choices
• Seller's now have less offers and are competing for buyers
• Interest rates are still low
The fact is that in a buyers market you can get a great deal and the qualified buyer can get it on great terms. There could not be a better time to list your current home and buy a home that was previously out of your reach. The trick to doing this is having a Realtor who knows the market, knows the properties and can spot a good deal when he sees it. I can help you do this. Call me at 954.309.1444 or email me at BenGwilliam@keyes.com and we will get together and discuss your current situation and how you can take advantage of this unique market.
Ben Gwilliam
Keyes Company 1
954.733.6332
bengwilliam@keyes.com
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