By Sunny Isles Real Estate Expert on January 2nd, 2013
The news for Fort Lauderdale real estate
has been very good lately, as well as for the entire Broward County. According to recent reports, the median price of existing single-family homes in Broward County improved in October of 2012, compared to their performance in October of 2011.
The median price of a home was $211,000. This marks a 15.9 percent increase in the median price compared to October of 2011. A similar jump in price was reported for townhouse condominium properties, with those properties rising 14.6 percent during the same timeframe.
The performance of single-family homes in Fort Lauderdale has been bolstered by the movements of the market in general.
These price gains are supported by the fact that the single-family home inventory declined in Broward County over the last year. In October of 2011, there were nearly 50 percent more homes available than there were in October of this year. In fact, the inventory fell 49.1 percent during that timeframe, with 4806 units in total being available in October of 2012. This has some important implications for the market, particularly for those who are considering selling a home, though it is also good news for those who are interested in purchasing a property in Broward County.
The Real Estate Market
Declining inventory and increasing prices mean that the market is likely to be more amicable towards sellers in the near future. As the performance of real estate in Florida has started to recover, the buyer’s market has leveled out a bit, making selling a home a more attractive proposition for people in general.
Declining inventory demonstrates that homes in Broward County are most certainly in demand, which means that sellers may have a bit more leverage when trying to negotiate a good selling price for their property. The assistance of a qualified realtor is imperative in these market conditions, as it is possible to end up with a bad deal, whether you are a buyer or a seller.
How Expert Realtors Can Help
With home values on the rise, it’s easy for sellers to become unrealistic about what constitutes a good price on their home. While the market is improving all-around, there is always the possibility that sellers will get a bit too taken with the performance of the market and will assume that they can start asking unrealistic prices for the properties. Even though the median home value may be going up, that doesn’t mean that buyers are in a position where they have to take any sort of a deal offered.
Realtors have excellent information about the market, inventory and all of the other factors that play into pricing a property. If you are considering selling your home or if you’re interested in purchasing a house in Broward County, contacting a qualified Fort Lauderdale real estate agent to give you assistance will ensure that you get the best possible deal, no matter which side of the transaction you happen to be on. With the real estate market improving, there’s never been a better time to investigate your options, whether you are a buyer or a seller.