The value of residential real estate in Florida has greatly improved since the housing bust during the recession. For quite awhile, buyers were getting great deals, between low interest rates and low housing prices. This, however, is beginning to change. The value of residential property is increasing, and as a result, the number of interested buyers is decreasing.
According to a recent report, the value of residential property in South Florida has increased pretty substantially in the past year. This is a trend that is expected to continue for at least awhile. Some do believe, however, that many homes are currently overpriced and that the values listed are exaggerated. While, for sellers, getting more for their home is a good thing, buyers do not seem as interested as they were previously. With fewer houses being sold, many sellers are questioning their asking prices.
Current home values are now reported to be nearing $300,000. In 2014, the median value of a single-family home was approximately $250,000. The values of condos have also increased by about $20,000 in the past year.
Whether selling or buying residential property, there are a lot of things to consider. Whichever side of the table one sits on, it is reasonable for that person to want his or her best interests placed front and center. However, negotiating fair and binding real estate contracts that meet the requirements of both parties can take time. Residential real estate transactions are big, and those looking to buy or sell in Florida can seek legal counsel in order to ensure that their interests are protected.
Source: Miami Herald, "Home prices up but slowdown looms for South Florida real estate", Nicholas Nehamas, June 23, 2015