South Florida Market Update

South Florida Real Estate Podcast with Dan and Michael Nathanson

What’s the current state of the South Florida real estate market look like? Are we in a buyer’s market or a seller’s market?
When we checked the research this morning, both Palm Beach County and Broward County showed that they were both in what we’d call seller’s markets. But what does that mean? What’s the difference between a buyer’s market and a seller’s market?
A seller’s market means that there are currently more people looking to buy a home than there are looking to sell. A buyer’s market means that there are currently more people looking to sell than there are looking to buy. Right now, the inventory level of homes for buyers to choose from is teetering on the low side, thus making us a seller’s market.
How does that affect the value of homes in our area? When inventory levels are low, there is typically a gentle, upward pressure on prices. Interest rates are also incredibly low right now. For a 30-year fixed mortgage, we’re mostly seeing rates in the mid-to-high 3% range.

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It’s a great time to be both a buyer and a seller.

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Though we classify our area as being in a seller’s market, it’s a great time to be both a seller and a buyer. For buyers, it’s inexpensive to borrow money and you can buy with leverage. For seller’s, low interest rates have spawned a glut of buyers to choose from. If the property is in good condition, priced right, and marketed well, it should sell for top dollar in less than a month.
If you’re thinking of buying or selling a home, call or email us today for a no-cost, no-obligation consultation.