The recent data on the South Florida real estate market is good news for potential buyers interested in local residences. Statistics show that sales of existing properties have been slowing down for ten consecutive months, which means that buyers stand a better chance of successful negotiations with sellers and purchasing the houses and apartments they like.
Angelique Hibbert, Real Estate Professional from South Florida, believes that the market is beginning to stabilize. Out of ten transactions, about three or four sellers help buyers to bear considerable costs because the market is no longer growing at rapid rates.
To give a vivid example, a certain property was listed for $700,000 and viewed 15 times but only three people were actually interested enough to purchase. The home has been in the market for four days, which is a lot. A short time ago, it could take four hours to close.
Things are looking brighter for buyers in South Florida but there is still a long way to go. Despite high interest rates, it’s better to purchase real estate now than to wait for better conditions, Hibbert says. If you wait for the interest rate to lower, the price will grow over that time. So a property worth $925,000 will cost $1.2 million by the time the interest rate reaches the level of 4 – 5%. Whether you can afford such a difference is anyone’s guess.
Ms. Hibbert recommends buyers to negotiate with sellers now, as sales have slowed down sharply, and then refinance when the interest rates finally go down. The real estate professional believes that it’s better to get the best possible price offer right now and then wait for the interest rate to adjust. In her opinion, this will be a better deal eventually.