Good News: South FL. is No Longer the Worst Market to Sell a Home

Based on research by Altos Research and Real IQ, Chicago is now the toughest place in America to sell a home.

This is cause for celebration as South Florida has been the worst market for home sales since 2007.

The time in which it takes to sell a house in South Florida has dramatically reduced over the last three months.

Home buyers have received several warnings recently regarding reduced home supply. With declining inventory of homes; home buyers are finding that they have to make quicker deals.

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Nothing but an Improving Economy

January is the 17th straight month to show year-over-year improvements in existing home sales. This is great news, proving that the economy only continues to improve.

I was shocked to learn that condo sales in Miami-Dade had risen by 10.2% from January to February. It seemed that the Miami-Dade condo market would never improve, but it has. In the last year condo sales have shown an 87% increase.

There are still many people out there who refuse to accept that there are definite improvements in the economy but the changes are everywhere. Traffic to our sales offices have increased, interest in homes and the actual purchase of homes has gone up.

People will soon realize that the number of available new homes will go drastically down. If home buyers don't take advantage of the available houses now they may have to wait until others are constructed. There is limited inventory and the demand is growing quickly.

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Bright Look Ahead

It is good to read that in the next several years there could be vacant lot shortages versus overages. I was pleased to read that according to Bradley Hunter, director of South Florida’s Metrostudy, we should be prepared for land shortages as builders scramble to obtain lots on which to build on.

The outlook for the future appears to be a lot brighter than it once appeared to be. It seems that housing start percentages will increase as the market comes off the bottom.

We love to know that things are starting to stabilize and that we should see movement toward positive change in the near future.

The article is worth a reading: Metrostudy: S. Fla. housing starts on the rise.

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FHA Debate

What should the FHA do? The FHA commissioner is constantly getting pressured by congress to tighten the easy-money standards that have helped so many people get their first home. Congress is serious about their demands and expects the FHA commissioner to announce revisions within the next two weeks.

The dilemma exists between how much the FHA should help the housing market stay afloat and how much risk taxpayers should face to do so. The impact on their decision could carry with it many negative effects.

Our home buyer is typically not a first time home buyer so directly the FHA’s decision won’t affect the willingness of lenders to loan to our clients. However, if it has a negative impact on how people perceive the housing marketing it might indirectly affect us.

I hope the FHA will come up with a suitable way to make all of us happy.

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Do you feel it turning?

Slowly but surely, it seems we are catching a glimpse of an improving housing market. As, homebuilders we have seen signs indicating that things are changing. We may not be getting tons of people walking through the door but we are seeing more response from what we consider serious buyers.

As per finance professionals, what is preventing a larger turn in the housing market is the job market. Unemployment has reached all time highs and that can reduce people’s confidence in the future and as such they are more reluctant to buy a home.

http://www.bloomberg.com/apps/news?pid=20601206&sid=aibTmhYzT54c

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Improvements in Luxury Housing Market

Toll reports positive results in fourth quarter | The Real Deal | New York Real Estate News

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Great artice.

As a luxury home-builder I can attest to the growth in interest in the luxury home building market. We have also noticed that homebuyers have shifted their demands to new homes versus lived in homes.

Despite the rough year builders have experienced, this year, there is a light at the end of the tunnel; things in the housing market are improving. We are headed for better times the outlook is positive. We can’t ignore that we will face some months in which it appears that things are not getting better, but it is only normal; we need to keep our attitudes positive and keep moving forward.

Though the traffic may appear to be less it has become a matter of quantity versus quality. Like Toll Brothers we have noticed that those that come to look have already done online research before hand and are much more serious buyers. People are using a lot more caution than they were so things are also moving at a slower pace.

Another thing is the extension of the 8,000 new homebuyer tax credit until April. This will continue to encourage people to buy now. This really is the best time for homebuyers to take advantage of the power of negotiation and the tax credit.

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