Maria E. Penaloza

South Florida Residential Property Expert.

So Flo's Blog

So Flo's Blog: How are increases in sales and reduction in inventory affecting the South Florida Real Estate Market?

Posted on March 4, 2013 at 2:00 PM

According to an article published by Lyda Fernandez from The Miami Realtor Association, on March 1st, 2013, "the total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of January increased 3.0 percent, from 3,645 to 3,073, year-over-year and 22.2 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The number of single-family and condominium listings that pended in December increased 6.6 percent and 0.3 percent respectively compared to January 2012."

This situation is similar in many cities across South Florida and translates in many instances in less inventory available for sale and more buyers competing. Unfortunately, first time home buyers working with FHA and VA loans are being left behind when it comes to having their offers approved. The reasons vary but one of the most common issues they face is the fact that they are being outbid by cash buyers.

My questions for you are, how do you think this will affect the South Florida Realt Estate Market and what ideas do you have to try to level the playing field for first time home buyers?

We welcome your questions or comments. Please send us an email to [email protected]

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