This is the latest graph showing the real decline in inventory in Aventura. In November of 2008 there were 1890 properties for sale in Aventura. As of October of 2009 there are 1404 properties for sale and in the month of October there were 110 sales as compared to November of 2008 when there were only 68 properties sold during that month.
This is progress and due to more realistic pricing by sellers and a general interest in the market place in real estate. However, if banks would be more inclined to lend the situation would be far better. It takes a longer time than usual to close a loan. More documents are required and greater qualifications to borrow are in place. This adds up to long delays and in some cases denials. Even though mortgage rates are incredibly low, what difference does it make when a buyer cannot get a loan.
Also, the rates of foreclosures (also the banks fault because they refuse to modify loans or accomodate short sales in a timely manner) are still very high. Every foreclosure, affects the prices in the neighbor where they occur. More must be done by banks in coordination with the government to avoid the huge glut of foreclosures that are waiting to get on the market.
So..before we can see real change, the banks have to play ball. Banks are the most integral part of the housing industry. Meanwhile, we are still enjoying the uptick.
Prices are lowest they have been in 10 years. It is the best time buy in a generation!! Interest rates are low! Interest Rates are 4.63% today. See my chart, below!
Call me today, to start looking for that home of your dreams.