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Analysts think that over the next 6 months, more sellers are ready to list their homes in numbers that could give buyers broader choices and ease home prices.<\/p>\n
FORT LAUDERDALE, Fla. \u2013 People desperately shopping for homes in South Florida may finally have some luck. Evidence is emerging that sellers who have hibernated for months are ready to list their houses. Over the next six months, enough of them are expected to add to the thinning number of homes for sale that buyers could have broader choices, according to analysts, brokers and home search sites.<\/p>\n
Among the encouraging signs:<\/p>\n
In a survey released Monday, realtor.com concluded that an \u201cimproving landscape\u201d awaits first-time buyers who have been frustrated by soaring prices, as well homeowners who are looking to \u201ctrade up\u201d for better digs.<\/p>\n
Many sellers have been holding off listing properties for a variety of reasons, including a fear of opening their homes to people who might be carrying the virus. Others were simply riding the wave of higher prices. not wanting to leave money on the table. In many instances, their patience has been rewarded in the form of bidding wars, cash offers and an influx of out-of-town buyers.<\/p>\n
\u201cIn the high-end market, some people now are considering selling their houses and listing because it\u2019s gotten to the point where there is enough money to decide to sell,\u201d said Miami real estate lawyer Mark Meland of the Meland Budwick law firm.<\/p>\n
\u201cThey may take some chips off the table,\u201d he said. \u201cIs it enough to satiate the demand? I don\u2019t know.\u201d<\/p>\n
The tight supply has helped drive sales of homes in communities under construction.<\/p>\n
CC Homes is building 45, low seven-figure luxury homes in Southwest Ranches. Only five are left, said chief operating officer Andrew Miyares.<\/p>\n
\u201cSupply remains very tight,\u201d he said. \u201cWe started selling in the fall of last year. We\u2019re very pleased with the results so far.\u201d<\/p>\n
Much of the allure is the town\u2019s status as a haven for race and show horses and horses for recreational riding. Most of the buyers are \u201calmost exclusively locals\u201d who know the area well. Another development the company is building in concert with Lennar in Miramar is 85% sold out, Miyares said.<\/p>\n
George Ritiu, senior economist at realtor.com said the growing distribution of COVID vaccinations should give sellers of existing homes more confidence that the time to list isn\u2019t far off.<\/p>\n
\u201cMore supply should tame down this incredibly hot price appreciation we have seen for the last eight months,\u201d he said in a telephone interview. \u201cWe should basically see a much, much healthier market from May through August.\u201d<\/p>\n
He said his firm\u2019s survey also found 58% of the sellers surveyed expected to let go of their homes at prices that are below $350,000, \u201cwhich is precisely where first-time buyers are frustrated.\u201d<\/p>\n
Another 28% said they would sell at between $500,000 and $750,000, which is a \u201csweet spot for trade-up buyers.\u201d<\/p>\n
\u201cIt will go a long way to solve this Catch-22 where they want to put their home on the market and they can\u2019t find a replacement,\u201d Ritiu said.<\/p>\n
An overvalued market?
\nThose scenarios could serve as safety valves for a market believed by local analysts to be dramatically overvalued.<\/p>\n
In Southeast Florida, homes have been selling for an average of roughly 13% more than they should, according to a report released last week by real estate economist Ken H. Johnson, at Florida Atlantic University in Boca Raton, and Eli Beracha, a professor at Florida International University\u2019s Hollo School of Real Estate in Miami.<\/p>\n
Based on an analysis of 25 years, they concluded in a report released last week that properties in Palm Beach, Broward and Miami-Dade counties were overvalued by 12.54% in April, an increase of more than 1% from 11.52% in March.<\/p>\n
\u201cWhile still far below the 65% overpricing achieved at the peak of the historic housing collapse of 2007, the size of the month-to-month jump is a concern,\u201d they said in a statement.<\/p>\n
\u201cPrices are clearly accelerating at a pace that could become worrisome,\u201d they said. \u201cWhile the re-acceleration of prices is extending the current boom, it could cause issues in the local housing market, especially if interest rates should rise because higher rates tend to suppress the demand for housing ownership and therefore housing prices.\u201d<\/p>\n
By David Lyons<\/em><\/p>\n Copyright \u00a9 2021 South Florida Sun-Sentinel, David Lyons. Distributed by Tribune Content Agency, LLC.<\/p>\n","protected":false},"excerpt":{"rendered":" Analysts think that over the next 6 months, more sellers are ready to list their homes in numbers that could give buyers broader choices and ease home prices. FORT LAUDERDALE, Fla. \u2013 People desperately shopping for homes in South Florida may finally have some luck. Evidence is emerging that sellers who have hibernated for months […]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/69638"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=69638"}],"version-history":[{"count":2,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/69638\/revisions"}],"predecessor-version":[{"id":69640,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/69638\/revisions\/69640"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}