I don’t always agree with the opinions of the writers of the Miami Herald but after having seen the graphs in my office meeting, this morning, I agree.
We are seeing a steady decline in inventories and an uptick in buyers in the marketplace.
Why is this? Prices, for one. Prices have been lower than they have been in ten years and people who are really interested in buying can see that. Condos and houses that were beyond reach are now very affordable. Government programs, like first time buyer tax credit, are very popular and many are buying to take advantage of this offer.
Townhouses in Aventura that were selling for $500 to $575 in 2005 are now selling for $350 to $375. Condos in Aventura that were selling for $350k in 2005 are selling for $150.
The Miami Herald predicts a 1.5% increase in sales for 2010 which may not sound like much but before this we were seeing a minus 2.7 % loss each year. Anything on the plus side is a win.
Latin American economies are doing well. If tourism from Latin America picks up and from this influx, we can see more sales of properties, that will be a very good outcome.
The only dark note is the forthcoming foreclosures that have not come into the market, yet. When they do, prices will dip, again but sales will be stimulated by the good prices and once this inventory is depleted, we can see some stabilization in the market place.
The big message here, is that if you every thought of buying, now is the time. Nothing stays the same. The good deals will not last! Waiting is not an option. Look through this site for all the properties in Dade, Broward and Palm Beach counties and call me to go out shopping!!!