Is it the time to buy?

When reading the newspaper, it is hard to decipher the answer amongst so many articles and opinions.

As a home builder, in South Florida for over 20 years, I truly believe this is the right time to make a home purchase. There are several reasons I believe that we are at a pivotal point in the housing market:

Hundreds of new homes are planned in South Florida as builder confidence increases

• The high-end residential sector has shown a tremendous improvement thus far in 2011
• International investors are acting fast to take advantage of the current housing market
• Inventory of quality homes is decreasing
• Builders of new homes are excitedly reporting greater sales of their new homes than they expected

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Hundreds of new homes planned for South Florida

Builders are planning the construction of hundreds of new homes in Broward, and Palm-Beach. The reason behind it is the confidence that has come from recent homes sales and activity in the housing market.

Many home builders have decided that this is a prime time to get back into building new homes. Some home builders have even reported an increase of up to 14% in homes sales as compared to the previous year.

While new home starts are not comparable to those in 2005, signs of growth are present. Nationally there are 183,000 new homes for sale, a record low.

Builders have started making products for buyers who don’t want to bother with short sales and foreclosures. A lot of the resale homes are often in poor condition and what’s more the sales can take months to complete.

As people turn away from resale homes more new homes must be built to accomodate buyers.

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Real estate cash buys continue to trend upward

Real estate agents and brokers are seeing hopeful signs in the housing market as cash buyers continue to increase.American real estate will rebound and investors know it.

The cash buyers include local and out-of-town investors who plan to rent the homes until they decide to sell them. People buying second homes are also likely to be cash buyers.

Investors make a lot more money investing in real estate than in the open market. In the last six months housing prices have been at a level in which investors are confident that they will receive great returns.

Housing prices are set to go up and investors are looking to buy before this happens.

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South Florida open for business

Investors are flocking to South Florida and investing in real estate currently priced below the market. These investors are betting that before long prices will increase and they will make a good return. They are betting that their real estate invesments WILL pay off more than CDs or other types of investments.

The notion that South Florida is the place for individuals to purchase a home is spreading quickly, home sales in FL went up 14% this January versus last. Not to mention, 32% of sales that took place were made it cash.

There has never been a better time to invest in the florida housing market. Current housing prices are an opportunity for the savvy buyer to come in and buy an investment or even a second-home.

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Residential Market in South Florida is improving

Foreign buyers are helping to fuel the South Florida real estate market with most taking advantage of the great bargains. There is no question that buyers are in existence and as such, the market is picking up.

Buyers are coming to Florida from Latin America, Canada and the Northeast to invest in the housing market or to purchase second homes.

This is really the time to buy and investors are well aware.

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2011 home sales in Broward optimistic

After five years of bad news, there finally seems to be hope for housing. Despite lower numbers in December, a report from the Florida Realtors Association indicated a recovery commencing in 2011.

The sector is stable enough that despite foreclosures we should not experience any severe declines like those experienced in 2008 and 2009. It appears that the housing market is getting much closer to a sustainable level, particularly as job growth gains more momentum.

Cash buyers are also fueling housing transactions across Broward and the Palm Beaches. International cash investors are helping to bring low home prices up to more adequate levels as interest in Florida homes spike.

As luxury custom home builders, we have definitely seen much more movement in the housing market.

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Equity is on the Rebound

While it has not received a lot of publicity, Equity is, in fact, on the rebound. With all the grim news regarding foreclosures it is surprising that positive news would be ignored.

The Federal Reserve’s latest statistical report on the nation’s finances found that homeowners’ net equity holding had increased by a total of 5.9 trillion during the first quarter of 2009 and $7 trillion during the second quarter of 2010.

This 17.1 percent increase in 15 months means that housing value is going up, even if only modestly. One reason happens to be the real estate market. Home price appreciation has helped to push up homeowner equity holdings.

What does this mean for homeowners? This is a positive sign in the housing market and an indication that home values nationwide are rising and that household debts are decreasing.

As custom home builders, we take a great interest in the home real estate sector and are happy that the latest numbers show that the equity crash is over and that we are slowly rebuilding- with of course, much healthier practices.

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Luxury Homes not Part of The Trend

While the housing market has continued to decline for the last couple of years, the luxury housing market has held its head up, despite the recession. Notwithstanding the downturn, Americas wealthiest have continued to buy luxury homes even in the declining housing market, so much that many times prices have risen.

There are several reports indicating that the wealthiest 10% of the nation’s households may account for nearly 50% of the home sales this year. In addition, other reports show that custom home builders have built high end luxury homes at a supply rate slightly below the level of demand. The scarcity of new luxury homes has caused their value to increase dramatically, even in a declining market.

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South Florida, Ground Zero?

According to TCPalm’s article: “Analyst: South Florida ‘ground zero for housing bust’", not all sectors of the housing market were similarly affected by the economy. While Broward and the Palm Beaches were hammered by declining home values, some sectors have managed to stay unaffected.

It has been determined that many of the upscale communities in the Palm Beach and Broward area have not seen a decline in home-value. Some of these sectors have even experienced bidding wars for properties.

While people think that houses should not be purchased, it is a safe assumption that upscale homes will maintain and instead increase in value.

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Returning Florida Real Estate Market

I love to read news of the returning Florida housing market. I am a builder so I get to witness it first hand however, it is nice to see it recognized in the news. Even the luxury home market is improving greatly.

We have very little inventory left in South Florida. New custom homes are very scarce; anyone wishing to have a new custom home will have to act fast or wait a few years for their home to be built.

It is really invigorating to see our traffic increase so tremendously. I really take pride in my work and it's a real pleasure to have people tour our custom homes.

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