It looks as if there may be a light at the end of the tunnel after all.
The following information was based on home
s on the water in East Fort Lauderdale. You can see in the graph pictured that inventory for this specific location has risen, crested, and is now on a decline. Pending sales from 5/06 to 1/07 have shown a decline but are now from 2/07 to 7/07 on the rise. The same holds relatively true for sold homes within the same time frame.
So what happens when you put all of this together? Putting all of this together shows that our inventory is becoming smaller. As homes go pending and begin to close we will start to see a flattening out of the market. What does a flat market mean exactly? Well for one if you are thinking about buying real estatein the East Side of Fort Lauderdale on the water it means take out your checkbook!
Everyone knows that when you buy real estate you want to make your money up front by negotiating the best deal possible with the seller. In a flat market home prices customarily stay “flat”. The prices neither go up or down. Normally in the real estate market cycle after a elongated leveling out prices will rise and appreciation will rise. By negotiating a good deal in a flat market you will be able to reap the rewardswhen the market begins to heat up!
Contact Greg Horton for up to date market information in and around Fort Lauderdale.