April 13, 2024

Fort Lauderale Real Estate Recovery is in High Gear

If you were a believer that a quick swing in Fort Lauderdale Real Estate prices, driving them up by over 25% in recent months, IMG_0572was a return to the “bad old days” than you would sincerely be losing sleep after reviewing the most recent market statistics often being discussed by Fort Lauderdale Realtors. However this swing has been long predicted and is simply the result of a Fort Laudedale Real Estate market that had over corrected, bottomed out, and is now heading towards a more balanced market. Gloom and doom has been the medias story for the last 6 years, words like “shadow inventory” and reports of how many people had no equity in their homes. Rarely was it ever discussed that you could not build your “negative equity home” today for what you paid for it. So simply sooner or later the swing was going to happen as inventory was absorbed and prices stabilized. We are not speaking of prices reversing, we are speaking about a new normal and all the talk ismaking it look like a recovery is in high gear. Now the question where is the new normal ? What will be that leveling off point that the Fort Lauderdale real estate market will begin to settle down as a more balanced market ? A market where mutiple offers are not the norm !

The standard definition of a “balanced real estate market” has only to do with inventory. In describes a market where inventory is such neither a buyer or seller has an advantage with which to create an unfair negotiating situation. After watching real estate markets for decades I do think we can add to the definition of a balanced market, a market where homes can be built, and sold at a level that builders can make a return on their investment that keeps them building”. By adding this definition and looking at Fort Lauderdale real estate today it is still a buyers market, construction is still sluggish and prices have a way to go before we see new home construction start adding to inventory.

Jed Koljo of Trulia says the Recovery is Real and points to an over-correction and a lack of inventory. It is always nice to see one of the most visited real estate websites in the world, Trulia, come to a conclusion that you can see is alive and holding true in the market you write about.

There are still great deals out there but to obtain one your going to have to be a great buyer. Buyers can no longer spend days thinking about a property and expect to drop that notorious “low ball” of an offer, and be greeted with open arms.  Today as the market begins to shift packaging yourself as a great buyer in important. Just as important as working with a great realtor, and if needed a great mortgage broker. A team that can reach out to years of contacts to hopefully find a perfect  property before it even comes on the market.

Welcome to the new Fort Lauderdale Real Estate market where it is not uncommon to see multiple offers on a hot property in a matter of days. I am not suggested that a bidding war is the way to buy a home, and sincerely I feel nobody wins a bidding war. However, you will not win in today’s market if you expect to steal a great property. I good course of action is to think what the true market value is of a property, if the market is appreciating in the area, be prepared to offer a small premium. Basically you are trading the next few months of appreciation for the sellers interest in working with you today to buy the home you have chosen. In Fort Lauderdale Real Estate today where supply is short and buyers plentiful it is not a bad strategy to keep in mind.

Ready to find you perfect Fort Lauderdale Home for Sale the team at Eric Miller and Associates is here to help you navigate this Fort Lauderdale Real Estate market.