Miami-Dade Home Prices Rose 8.5% from Last Year

by Isaac Benmergui, Esq on January 14, 2013

Pen with GraphThe Miami-Dade area has seen an 8.5 percent rise in home prices from last year, according to the latest Standard Poor’s/Case-Shiller home price index. Although prices dipped slightly in October 2012 compared to September, an upward trend continued from last year at the same time.

Real estate experts know that during the cooler months, sales typically dip and pick back up after the first of the year as the holidays have passed. Real estate economist Ken H. Johnson notes, “interest rates are still at record lows and housing is still more affordable in southeast Florida than at any time over the past decade.”

A shortage of available homes is contributing to the uptick in home values, and buyers may want to waituntil the shadow inventory of foreclosed properties that has yet to come to the market arrives, if they want a larger selection. Most of the homes that came to market from the foreclosure crisis have already been purchased, and the shadow inventory holds many desirable properties with features that buyers are searching for. As the courts work through the backlog of foreclosures, properties should become more available.

Getting Legal Help

Florida real estate is tricky. Before you sign on the dotted line, call the law offices of Isaac Benmergui. We can help ensure you purchase a home with clear title and represent you at closing. Call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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