If record low mortgage rates, escalating rental costs, fading tax advantages & increasingly stringent mortgage qualifications are not enough incentive to buy now, here is one more reason.
Inventory Levels in South FLorida are incredibly low. If you have tried to find a decent home in South Florida, you know how limited the selection is. In some areas like Coconut Grove, Coral Gables, Palmetto Bay, etc, you may see ONLY FOUR MONTH’S OF INVENTORY on the market. That means that if no new listings come on the market in FOUR months, then the existing inventory could disapear completely, especially as we head into the high sales season. You think it will NEVER HAPPEN? Think Again, maybe not but look at the graph below. It indicates inventory & sales for Coconut Grove Homes under $800,000. It clearly indicates that we have had over a year of dramatic inventory delcine while properties going under contract have increased. A perfect storm is brewing for a SELLER’S MARKET. If you have recently thought about selling your home but thought you could not get a good price, think again. You could get the best price the market has seen in years.