It has become a daily question from potential clients as to when is really the best time to sell or buy real estate. We certainly do not have a crystal ball, or I would not be selling real estate. Instead, I would sipping on a margarita on a tropical beach somewhere in the Caribbean. But, we do go by numbers and realistic market expectations.
The Sun-Sentinel reported earlier today that, “Sales of existing homes in Broward County hit 1,142, up 6 percent from a year ago. It was the third consecutive month that the [Broward County] eclipsed 1,100 sales.” Buyers are taking advantage of both record low mortgage interest rates and low price points. But, we are telling are clients that mortgage interest rates will increase in the coming months and into next year making now the best time to pull the trigger on a home purchase.
Sellers also need to be aware that now is the right time to put their homes on the market for sale. Unfortunately, with good news also comes bad news. The same Sentinel article also announced that homes prices have continued to decline. Broward County’s median’s price was $188,500, which is down 17 percent from a year ago. Also, most experts concur that prices will decline, but not as drastically as they have in the past years. As a result, sellers can put more money in their pockets if they sell NOW instead of waiting! Time is of the essence. But, banks and lending institutions are seeing the same statistics of less available homes for sale and will soon start putting their bank foreclosure inventory on the market.
Buyers also need to be aware that even though home prices are expected to decrease, overall monthly home costs will certainly increase as well. Mortgage interest rates, along with property insurance, are on the rise making it harder in the future for buyers to qualify to purchase new homes.
Bottom Line: No matter if you are looking to buy or sell real estate in Parkland or South Florida, NOW is the time to make a move! Even better, if you are looking to sell and then buy, you are in the driver’s seat!
Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.
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