Predictable Equilibrium Part Deux

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

4 Major Myths about the Housing Recovery

This is a MUST WATCH!

4 Major Myths about the Housing Recovery | Watch the video - Yahoo! Finance

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.

Just brought this to market!

http://www.youtube.com/watch?v=KlpftZPtSMc&feature=youtu.be

new condo development

It's really remarkable the incredible optimism that developers now have about the Florida real estate market: a complete 180 from just a few years ago.  And I do not agree with those that say that we're creating a new "bubble".  The dynamics of this new expansion is very different.  See here:
83 New Condo Towers Proposed For South Florida; It's 2004 All Over Again - WORLD PROPERTY CHANNEL Global News Center

Watch "The Loop II" on YouTube

bidding wars

It never ceases to amaze me that what's old is once again new again.  Not since 2006 have I witnessed the type of market activity that I'm seeing in today's market.  At first it was only the lower priced homes that were getting the multiple offers.  Yet now, this type of activity has started happening at the higher price ranges.  Case in point:  I brought a $475,000  home to market on a Monday, sold it for full asking price on Wednesday, and I have another full price back-up offer in waiting.  Seller's market?  You bet!