Good News for South Florida Homeowners

It seems like recently in the state of Florida, the news has only been bad vis-à-vis real estate and homeowners trying to make a buck or two.  Now, thankfully, the news is changing.  And there have been some great indicators for those in South Florida looking to sell their homes.  Indeed, because there are much less foreclosed properties on the market, homeowners can name their price.  Well, not quite, but things are definitely looking up.

It’s not the case with all areas, but right now, if you want to sell, South Florida seems to be the area to be in.  According to an agent from Balistreri Realty, some homes are actually even increasing in price.  True, there are many properties still in distress, but that is just not the full picture anymore.

Fewer Foreclosures

Yes, one cannot deny the fact that there are still foreclosures in Florida, but one also has to recognize that these numbers are declining, not increasing.  For example, according to the Miami Association of Realtors, in October of last year, distressed sales were 54 percent of all sales, but this year in the same month, that figure had dropped to 48 percent.  Not great, but definitely something and for sure the figures are going in the right direction.  Likewise there was a 4 percent drop for the same time zone in Palm Beach County.

Although foreclosures and so-called short sales still account for a large part of the region's housing market, the numbers are declining.  And it seems like it is the South Florida region we can thank for that due to its increase in home sales.   As well, the housing market in Weston is doing well too, having only 10 homes that are owned by banks.  As well, in this city, between February 2009 to August 2011, there was more than a 15 percent increase in the median value of a home. 

So for the Florida housing market right now, things are not as bad as they once were.  Of course there is room for improvement, but it seems like that is exactly what is happening in the South Florida region.