If you went looking for a real estate market that was the exact opposite of the one in 2008, you wouldn't have to look further than the current boom going on across the country.
Homes are flying off the market, often snapped up by investors looking to turn them into long-term rentals. In some markets, homes are going for thousands above their asking price, and competition is fierce for desirable properties.
South Florida especially is perfectly situated to take advantage of this unique buyers market. So what do you need to know to cash in on this valuable opportunity?
Today, we're taking a look at four facts you need to know about the Broward County real estate market.
Ready to learn more? Let's get started!
1. Vacancy Rates are Down
In both rentals and owned properties, there simply are not enough units to go around. Vacancy rates have been hovering around 4%, making empty properties even more desirable.
These vacancy rates drive prices up, as well. Motivated sellers are having an easier and easier time selling their properties, simply because inventory is low.
2. Prices are Headed Up
There are markets in the United States, including in Broward County real estate, where realtors are reporting 20 or more offers on a single property, and final offers at thousands over the asking price.
This truly is a seller's market, with starter homes scarce on the ground. That competition is driving buyers to be aggressive with their offers.
3. Codes are Getting Stricter
New laws in the Broward County real estate districts are requiring condo owners to install new systems for fire safety, among other considerations.
Repairs and updates like this are pricey, and the fees for not accomplishing the repairs? Doubly so. To this end, many Broward County residents are finding it easier to simply sell condos that are subject to the new codes and let the new owners deal with it.
The problem here is that owners who want to avoid making the repairs or paying the fees must off-load their properties fast, and perhaps even be willing to take a hit in the selling price.
4. The Economy is Rebounding, and Buyers Want in
The economy has been slowly recovering over the last decade, and that coveted age bracket -- Millenials -- are finally entering the buying pool.
In fact, buyers from all brackets are ready with down payments, it seems. There are simply more buyers than the market can support, encouraging massive competition and a market with huge opportunities for sellers.
Broward County Real Estate: A Hot Market
As with most of South Florida, Broward County is in the middle of the housing boom. Our amazing weather combined with top-notch local culture make us a mainstay in real estate even at the worst of times.
Now, though, we are seeing the best of times. The economy is up, inventory is down, and buyers are motivated. The competition combined with scarcity creates a lucrative seller's market.
If you are ready to sell your property fast, contact us today!