Just thought that you'd might like to know that I've noticed
a small change in the Country Club of Miami these past few weeks. There have been at least four price
reductions of on market listings in the neighborhood. Now this is not necessarily a cause for alarm,
yet it is indeed an indication that the local market may have gotten a little
ahead of itself. The recent interest
rates increases could bear some of the blame, and the imbalance of supply and
demand that's driven the double digit increases over the past 18 months seems
to be easing. One of my colleagues that
works in West Broward has also noticed this in his local market. That being said, I feel that we're on the cusp
of a return to a more balanced market with historically conservative appreciation
levels , heading towards a phrase I coined in 2009; predictable equilibrium. Here's
where I wrote about this back then in my blog: http://bitsaboutrealestate.blogspot.com/2009/07/predictable-equilibrium.html
Wednesday, August 28, 2013
Tuesday, August 6, 2013
Poppin!
What can I say, the real estate market is popping! My
big challenge today is simply in finding homes for all of the prospective
buyers out there. Yet, industry experts agree that it won't stay this hot
for much longer. The double digit price increases that we're experiencing
right now a function of a noticeable imbalance between supply and demand.
Yet as more homeowners are now in a positive equity position thereby allowing
them to move up or down, interest rates continue to creep up, and much of the
new home inventory gets closer to completion, we will be in a more balanced
marketplace as we enter 2014. And price appreciation will naturally abate
to a more historically relevant rate.
There is a unique window of opportunity in today's marketplace to sell for top dollar. Yet like all windows, this one, for the reasons mentioned above, will close.
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