Southe Florida's Real Estate Market Expected to Cool Down
Saturday, February 11 2006 @ 08:52 pm UTC
Contributed by: jron
Although South Florida's housing markets are in hot run, it has been reported that its 5-year run of high home prices is ending, still there's no sign of a bargain for home hunters.
South Florida has bee through noted most well-known housing boom in its history's market over the past 5 years, more predictably 150% in Pompano Beach, more than 200% in Hallandale Beach and Sunny Isles Beach, and a whooping 250% in North Bay Village, the Mail Herald analysis for home sales over the past 5 years, the land rush has transformed just in every corner of the region, that ends up the prices way up in 2000.
There is this question that has been frequently asked "Is the wild ride over?", well as experts says, Yes, there have been a 12 percent to more than 20 percent of South Florida's 5-year run of annual price jumps is probably ending.
Prices have wobbled in recent months, the signs are relatively obvious. Since April the number of homes for sale nearly doubled in the Miami-Dade area. It's been a common thing that the houses are staying longer in the market, home buyers become more cautious on investing their capital.
As for single-family homes, the market is rather in a down tune as the moment, although experts still predicts that prices will do go up by 5% to 10% this year.
Bradley Hunter, an analyst with real estate consulting firm Metrostudy, said that in the western parts of each county homes are somewhat more vulnerable. He said ''That is because so much more stuff has recently been sold in the west and much has been bought by investors and speculators,''
As been predicted by experts condo prices will potentially slow, flatten or even maybe fall this year's end, obviously because the boom of its market sold out too many units in a fast manner.
Over the past 5-years, there have been record low on mortgages and interest rates, and it means more people can now afford homes, some of the people who could not afford to buy home, bought anyway, by the help of loans and mortgages that required the people who wants to purchase a home to pay for the interest for to have a light burden on their financial front.