South Florida’s Sizzling Home Market

by Isaac Benmergui, Esq on July 25, 2013

HomeMortgage1Sales of South Florida’s existing homes sales are sizzling despite the fact that inventory is low and mortgage rates are on the rise.

For a single-family home in Miami-Dade County, prices jumped 21.1 percent to $230,000 from June from the price of $190,000 just one year ago. Buyers continue to engage in bidding wars, which drives asking prices far above what the owners envisions themselves as getting for their properties.

Sales figures are up as well for single-family homes sold in Miami-Dade having increased 25.1 percent to 1,170 in June. Just one year ago, 935 properties were sold. May 2013 sales figures were 3.8 higher than June’s, but falling inventory indicates that until more properties make it to market, the figures could continue to decline.

Fortunately, more properties are being auctioned off as lenders have been concluding foreclosure proceedings at a faster rate.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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