Jupiter, FL (PRWEB) March 06, 2013
It’s the dawn of a new era in southeast Florida real estate, as well as in real estate across the country: It now is a true seller’s market.
According to the National Association of Realtors, property for sale in the United States declined in January of 2013, the latest month for which figures are available, by 4.9 percent. The fall translates into an approximate 1.74 million properties remaining on the market, which is the fewest since December of 1999. At that time, there were 1.71 million residences for sale.
Two years ago, there were nearly 3 million houses for sale on the market, the National Association of Realtors reported.
The result is a pool of pent-up purchasers who are shopping in a smaller marketplace. Statistics show the home supply would run out in a little more than four months at today’s buying pace. In South Florida, the ideal real-estate market has a six-month supply of, for example, Jupiter homes for sale. One year ago, there was a 6.2-month-supply of homes available.
The current state of affairs has economists at Goldman Sachs theorizing home sales could spike to 5 million units or more in 2013, which would mark a near 12-percent increase. One of the biggest factors in that prediction is the low mortgage-interest rate available to buyers.
Waterfront Properties and Club Communities is poised for ramped-up home sales in its market of Intracoastal Waterway homes in Palm Beach Gardens, oceanfront property in Juno Beach, and northern Palm Beach and southern Martin counties.
Brokers at Waterfront Properties, along with other industry experts, have some positive predictions about the 2013 real-estate market, among them, a modest rise in the aforementioned mortgage-interest rate. That will prompt action not only on the part of buyers, but also on the part of sellers. Buyers will move now in order to take advantage of low rates, while sellers will move, too, so they, in turn, can buy low.
Another prediction is increased activity among homeowners looking to ramp up in the market and buy more house. The National Association of Realtors predicts that, as well, and is anticipating a 75-percent increase among second-time homebuyers.
A third prediction is high-tech home searches. Simply put, that means homebuyers will use their computers and, more importantly, their mobile devices, to search for property. Waterfront Properties has embraced the shift toward online house-hunting and has a suite of hardware and software that makes searching for South Florida homes seamless and easy.
For information, call 561-746-7272.