Homes are going under contract at a record high since November 2009 due to the home Buyer tax credit spike. Buyer traffic has increased by an amazing 31% since last year. These buyers are serious about making a purchase. Don’t miss this economically opportune moment to place your home on the market.
Set yourself up for success. Demand is high and supply is just beginning to increase. Last month total housing inventory rose 11.9% to 2.16 million homes for sale. Timing is perfect to jump in while the month supply is at infancy stage of rising levels. Inventory is slated to continue to rise. Now is the time to list your residence before the market becomes over saturated.
As the market is on the upswing more projects are becoming approved for construction. 40 plus new South Florida vertical buildings are in for permitting with building departments. Since the onset of previous years, listed homes were at an advantage, the fact is new construction product was simply not competition as many projects were left on hold. Now, the market has turned and brand new homes will be a vital temptation.
Mortgage applications have fallen sharply since this summer because of a jump in home finance costs. With the rate on fixed 30 year mortgages averaging 4.64, many Buyers will soon be priced out of the market, making now the best time to sell your home, as well as move on to your next dream home.
For instance, a $700,000 mortgage with a 30 year fixed rate of 4%, the monthly payment would be $3341. The total interest paid on this loan is $503,000. Now, take that same $700,000 mortgage, and change the rate to 6%. The monthly payment would be $4196 and the total interest paid on this loan jumps to $810,000.
The possibilities are endless. Why wait another day to put your residence on the market and live your new extraordinary life? Buyers are back and Florida just had the highest increase in home sales in the US. Season is around the corner so the best time to prepare is now.
Significant upward swing of increased home prices. You may not be aware that you can now sell your condominium without suffering the financial losses you may have incurred, even last year.
We are uniquely positioned to present real estate opportunties to an internationally diverse and qualified client base through the global connections of Sotheby’s International Realty. Contact the Hollywood Ocean Condo Sales Team today for a private property consultation.