Chaos in the South Florida Real Estate Market
Chaos in South Florida Real Estate
It is a Sellers Market in the South Florida Real Estate area with Buyers facing inflated home values and a lack of realistically priced inventory. Our historically low interest rates may jump substantially over the next year leaving many buyers unable to qualify for loans they can afford in cities such as: Boca Raton, Boynton Beach, Delray Beach, Wellington, Parkland, West Palm Beach, and Fort Lauderdale.
Let’s not forget the “Trump Effect” which adds uncertainty in many areas of the real estate market in both the construction and the lending sectors. The impact of immigration reform may add additional challenges to the housing sector which are difficult to assess at this point in time. In addition to the potential impact of fewer buyers from outside the U.S., the pricing of new construction may rise as builders have to pay more for labor as they build new homes.
For those on the fence about buying now or waiting until the sellers markets turns around the choices are difficult. Historic low rates have brought many buyers into the market which has raised the price of an existing home in Palm Beach county to $316,000 which is 41% higher than in 2012.
The South Florida for Me team believes the best solution for today is to buy new construction. We are working with many builders who are offering special deals to our clients to close out the year. Please take a look on our homepage www.southfloridaforme.com to see the new construction on homes and condos in the South Florida Real Estate market.
Our financing partner United Funding has many innovative financing tools available can help you qualify for many types of mortgages. These range from conventional, FHA, V.A., Reverse Mortgages, etc.. Some of these programs require No Down Payment, or other options to best suit your requirements.
Please contact us with any questions you may have on the best way for you to handle the Chaos in the South Florida Real Estate marketplace.