As anticipated the latest round of South Florida housing data shows worsening conditions for distressed homeowners. So what’s up? What’s down? What real help is left for local property owners craving a fresh start before the New Year?
Miami is reporting a surge in housing starts. Rising 6.3% from August to September 2014 according to the US Census Bureau. However, while new luxury condos have reportedly been selling well, most of the bullishness among home builders is reportedly due for a demand in rental apartments from millennials desiring to strike out on their own.
When it comes to Broward and Palm Beach County the Sun-Sentinel quotes a local real estate agent as summing up the situation as “a certain sense of malaise in the marketplace.” Others told the newspaper that they are seeing marketing times for homes grow by four or five times. This is ahead of the traditional slowdown a Better Homes & Gardens representative says comes from Halloween through Christmas.
The slowdown in traction for Palm Beach and Broward has also apparently triggered a dive in home prices. The Florida Realtors Association, Greater Fort Lauderdale Realtors, and Realtors Association of the Palm Beaches report that Broward home prices fell in September; erasing 7 months of gains. In Palm Beach homes prices dropped for the second month in a row, down 2%, and the lowest since 2013.
Even though some have tried to paint a rosier picture than reality this year, we’ve been calling this trend on our real estate blog for some time. It’s sad to see, but homeowners really need to take action before some see their property values dive even further.
When it comes to struggles for homeowners these can be the worst months. There will likely be some seasonal interest in gift real estate at the high end of the market, and transfers for tax purposes before the end of year. Still there are only a few weeks left for those that don’t want to go into yet another year with their current situation hanging over their heads.
It’s rough out there, but QuickCash2Sell is still buying Fort Lauderdale, Hollywood, and Lighthouse Point homes for cash and can close in just days.