What’s trending in SOUTH FLORIDA REAL ESTATE market in 2018? Buyers or Sellers market?

Hello, this is Arthur with Oceana Estates. Today we’re gonna help determine where’s the Florida market going. Is it a buyers market or is it a
seller’s market? To help answer this question I will divide the market into
two segments One segment of housing that costs about the $500,000 and other segment, of the high-end segment, of about $1 million and up The market all comes
down to the laws of supply and demand Currently luxury condominium supply is
on the rise together with new developments. This is leading to an
increased amount of listings for sale. With the stabili growing US economy and
the strengthening of the US dollar foreign investors are hesitant to make a
purchase. If compared to the last two or three years sales have gone down. Yet, due to all of this, current sellers in the luxury market are marking down prices and in some cases are even taking a loss when selling their units. In effect, the events are leading to a buyers market since the prices are being reduced to
make the sale. On the other hand, while supply is growing on the $500,000 market, the demand is slowly increasing. This is also due to banks gradually opening up to additional lending. Potential buyers in this market are having a harder time getting a better deal due to sellers holding a firm price, resulting in a seller’s market. It is known when purchasing with the
luxury market, it is a little bit of a riskier investment where even a 1% fluctuation may spell a rather a large amount. If we apply this to lesser costly
investments that 1% will be considerably lower. Whether right now is a good time
to buy is a considerable question. As with the real estate market it could be
unpredictable at times. That’s why we recommend working with the right agents to help you conduct the research and make the right decision. Overall the current trends of condominiums and houses are showing general trends that favor someone looking to purchase. It is true that supply is increasing but the demand should be right there to follow. Here are some notes to consider. The median home value in Miami is around $300,000 with an increase in value of about one and a half % over the last year. Yet, it has predicted to slowly drop about 1% In Broward County, the average sale price
is hovering around $250,000 which is an increase of 3% compared to last year. It is predicted to steadily grow with a rather small margin. Double-digit growth is a thing of the past while the market has seen rapid growth during the last few years the trend is slowly smoothening up hence market fluctuations are not as volatile as they once used to be. 2017 is predicted to be the year of the domestic buyer while foreign investors may benefit from the lowered pricing of luxury segment. Since the market has seen a slow yet steady grow buying with prediction of selling in 1 year and turning a large profit isn’t as foreseeable as it once used to be. Analysts are not foreseeing another historic collapse but rather Miami-Dade, for example, is just about 15% away from its peak median in May 2007. Overall, the market is constantly changing that’s why it’s important to find a real estate agent that will stick with you throughout the entire process and help you land the right deal. Want more helpful information about how to obtain a mortgage, exploring locations or what type of home to buy. Download our presentation using the link below and subscribe to our channel for more information.

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