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Fort Lauderdale Real Estate - A Seller's Market in 2012

The Fort Lauderdale property market has turned the corner from being truly a buyer's market to a seller's market, thanks in part to being a highly desirable destination.

A buyer's market is one in which there's an overabundance of homes in the marketplace in relation to the quantity of buyers. In this scenario, it is not uncommon to see seller's vying for a buyer's attention by offering incentives like paying closing costs, lowering the sales price and offering closing bonuses.

In comparison, a seller's market is one in which there's a scarcity of inventory in the marketplace in relation to the quantity of qualified buyers. In this scenario there are often bidding wars, which drives up the price tag on a home.

It's no secret that the Miami-Fort Maine realtors External link mark property market was one of the hardest hit areas through the recent housing crisis, often landing in top five lists of cities most abundant in recorded foreclosures. In addition, plummeting house values, an overabundance of inventory and a shaky economy made the real estate market situation bleaker.

Fort Lauderdale continues to be a well known destination for living and vacationing. The region features world-class resorts, pristine beaches, tournament-ready golf courses, fine and casual dining, year-round sunshine and comfortable temperatures. So, it wasn't a surprise when investors saw a chance to buy distressed property and low prices, gambling that property values would increase quicker in this market than most.

It wasn't uncommon for investors to buy multiple homes at the same time and pay cash. This caused it to be very problematic for the typical buyer to compete. In addition, banks and lending institutions resumed strict lending practices, which caused it to be harder to qualify for a loan.

Today, inventory levels are at an all-time low, which can be driving up the value of homes. It is not uncommon to hear of multiple bid offers on a home. The total amount of homes listed on the market decreased 24.7% when comparing July 2011 with July 2012. Also, the final sales price versus the original list price homes increased from 93% to 95% for once period.

More good news for the this market originates from the internet market place Zillow's Q1 2012 Real Estate Market Report, which predicts the Miami-Fort Lauderdale metro market to be the second highest for 2012 home value increase.

While home costs are rising and inventory levels are decreasing, the Fort Lauderdale property market still has many wonderful options. Contact a Realtor to find out more about their state of the marketplace, or to have help getting a Fort Lauderdale home.

Deal volume can be significant as can be the size of the deals. If an institutional owner (bank, insurance company, pension fund, etc.) features a presence in a urban market, the leasing or sale assignment that they might award to a more substantial firm could be a "year maker" if the assignment is completed. Usually some year end bonus money flows down seriously to the salespersons who might have participated in the marketing effort.

Senior brokers should have upper level corporate contacts through either a small business association, country club, educational institutions, commercial lenders, or contacts referred from other cities the place where a corporate headquarters may be located. If the firm owners or top brokers are not developing those contacts and relationships, but are counting on the mid-level brokers to achieve that you might want to consider another firm whose top management is much better involved. You need work to filter down from the most truly effective instead of having the crumbs leftover from competing firms who've a great community (business and non-business) presence.

-- Realtors Miami - 2021-09-02


Revision: r1 - 2021-09-02 - 20:16:03 - RealtorsMiami

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