Miami Home Buyers Face Short Supply of Available Homes

by Isaac Benmergui, Esq on June 22, 2012

Although the Miami real estate market has been in steady recovery for the past several months, beating out the rest of the country as the healthiest market, Miami home buyers are having a difficult time finding good homes to buy. Also facing short supply, buyers in the Orlando and Phoenix markets.

With prices still far below what “should be” fair market value, it seems homeowners simply aren’t putting their homes up for sale. With buyers being all about the deal, and prices still so low, the best homes were gobbled up a long time ago. CoreLogic, a real estate tracking firm reports that in markets where 50 percent of the borrowers were underwater with their mortgages, the inventory of available homes could have lasted only 4.7 months; the national average is 6.5 months. Markets with less than 10 percent of underwater borrowers had an 8.3 months’ supply of available homes.

Many homeowners simply can’t afford to sell in a market where so much negative equity is present, as it reduces the amount of purchase down payments. Other homeowners simply do not want to sell with prices still inching up to the bottom rung of the pre-housing bust ladder.

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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