Great news for South Florida real estate. According to the “Real Deal Online” sales of Miami Condos jumped 134% last month compared to the same time in 2010. 1262 condos were sold in January as compared to 540 condos sold in January of 2010.
Many foreign buyers contributed to this occurence. We are seeing many Canadians buying whereas in the past they were renting properties during the winter months. Now the Canadian dollar is worth more than the American dollar so buying is a great option for them.
Sales of single family homes also showed a surge. Single family homes rose by 55% over last year at this time.
All this information came from the Multiple Listing Service of South Florida.
This good news shows that there is strong consumer confidence in the economy and in fact, consumer spending is increasing on a retail level, as well.
Great Information for Buyers:
Homepath is a program provided for sales of Fannie Mae Real Estate Owned Properties. Here is terrific news for buyers. These are the four criteria:
3% down for primary residence
Minimum Credit Score 660
No Appraisal
No Mortgage Insurance
The properties have to be in the Homepath program. Every day new properties come on the market and I will be announcing on those in our area each week on this web site.