South Florida Real Estate | Asking Prices Are Seeing An Increase In Price Reduction
Approximately 25% of the listed homes in Broward County and 18% in Palm Beach County have seen price reductions in the month of October 2013. That number is almost double of what it was in May 2013. The lowering of the asking price is indicative of a real estate market that has stabilized and softened a bit based on more supply and demand.
The unrealistic price increases over the past year are unsustainable and this is all part of a healthy real estate market. Buyers are taking their time locating a Florida property and can rightfully do so since the investors have stepped out of the general market because prices have gone up. Investors are now concentrating on bank owned properties and short sale properties. The investors created a buying frenzy when they reentered the market with cash in hand. Now Buyers only compete against one another.
The stable market we are witnessing is still in the Seller’s hands. The Buyers are showing their strength by acting in a deliberate cautious manner which plays an important role in a healthy real estate market. No one sees anything on the horizon that will cause any negative effect on our local real estate market but these figures clearly show that the rapid price increases have cooled a small degree.