Fort Lauderdale, FL (PressExposure) July 08, 2009 -- Buyers are taking advantage of bargain-priced homes, low interest rates and tax credits for first time buyers, which have helped to provide a boost in home sales.
Sales of inexpensive foreclosures and other distressed low-end properties have even sparked bidding wars in cities like Las Vegas, Phoenix and Miami. The market for high-end properties has not seen as great an increase, mainly due to the difficulty to get a mortgage. However, these homes are showing signs of increase as a result of buyer confidence in the market.
The National Association of Realtors states that home sales rose 2.9 percent to an annual rate of 4.68 million. Home prices have stabilized in parts of Florida, with Fort Lauderdale real estate rebounding stronger than the Miami market. Compared with January 2009, the lowest points in the housing recession, sales are up nearly 4 percent.
Home sales have not kept pace with foreclosures, which continue to increase at an alarming pace. These properties helped bring down the national median home sale price to $170,200.
Affordability in the housing market has brought buyers back and homeowners who sold their properties at the peek of the market and are interested in bargain condos and South Florida. They are finding stiff competition because prices have dropped to a point where buyers are competing on home prices that havenât been this low in years.
Many homeowners that sold their homes when the market was at its highest point have been waiting until the lowest point to buy a new home. These buyers are now finding themselves along with multiple others all interested in the same bargain priced property.
With the increase in sales due to affordability, tax incentives and lower interest rates now is the time to turn to the premier realty service group in Fort Lauderdale. At Cabot Homes our exceptional customer service and unparalleled knowledge of the Luxury Homes South Florida market allow us to tailor our efforts to the unique needs of home buyers and sellers alike.
Whether buying, selling or renting property relay on The Cabot Homes Group â the premier realty service group in Fort Lauderdale.