Bidding wars return for South Florida real estate (Miami: for sale, real estate market)

[rkumar3]

MIAMI -- The bidding wars for South Florida real estate are heating up once again.

The Miami Herald ( Return of the bidding war for South Florida homes - Business - MiamiHerald.com) reports bids above asking price, multiple sales contracts, and sellers demanding cash only and quick closings have returned.

After several years of low prices and large inventories, the number of homes for sale in South Florida has contracted.

According to EWM Realty International, inventories in Miami-Dade and Broward counties for single-family homes are at their lowest levels in more than six years. One of the reasons is that a considerable number of South Florida homeowners still owe more than they could get for their home and are waiting to sell as prices continue to increase.

Meanwhile, many people are entering the market to take advantage of prices still well below their peak.

Read more here: Bidding wars return for South Florida real estate - Florida Wires - MiamiHerald.com

[boston904]

this article was probably written by a Real Estate Agent

[fkostas]

Heh. The poster is a realtor. Hopefully, people too stupid to have learned from the recent housing bust are still too busted to start another bubble. Heard this a year ago, wasn't true then, isn't true now.

[rickt86]

considering I am buying right now, because my rent for the same type unit could buy the unit in under 8 years time, that says alot. Rent prices are super high because people are renting, and you can buy for $80,000 for things that rent for $1200/month.

[SierraDog]

All real estate markets are local- the article's assessment really applies to the desirable markets, especially beachfront, ocean access, and neighborhoods with desirable school systems.

I have friends who are looking, and they agree that the well-priced homes in desirable locations are not on the market long. One of my friends jockeyed to put in a back-up offer on a short sale while that property was off the MLS due to the prior buyer falling through on the contract, because he knew that this particular property (which was very well-priced relatively new construction, and in a hot area) would attract multiple bids as soon as it hit the MLS again.

No one is predicting another bubble. The article is simply reporting the truth, which is that there is less inventory in the coveted areas, and more interested buyers.

[stup123]

the prices are not going anywhere

Ppl are not moving to FL anymore and we dont even have jobs for ppl who are here

Heard too much of :Now is the time to buy,Price wars and Prices have bottomed BS in the past few years

the prices are not moving up unless we see any progress with job situation

[fkostas]

No one is predicting another bubble. The article is simply reporting the truth, which is that there is less inventory in the coveted areas, and more interested buyers

Yet realtors are out there again, trying to drive the hysteria. I get notices from realtor friends on my Facebook page constantly about how there is a housing shortage again, bidding wars have returned, and BUY NOW!!!!! or you'll never be able to afford to again. Same crap they foisted on an uneducated public during the last crisis, but why anyone would buy the biggest purchase of their life from someone who trained for a whole big forty hours has always escaped me.

Nobody ever wrote an article to put a positive slant on their hustle? A realtor telling the truth? Saddam Hussein must be figure skating in hell right about now.

[vsmoove]

I'm in the process of looking for a house now and while there aren't bidding wars per se... the quality, well priced inventory is moving incredibly fast... if you're overpriced, sit next to 75 or if the house is crap, you'll sit. Otherwise, there are many more buyers in the market than there are quality homes.

[CrystalBond]

Well, I am a realtor and not telling people that there is a shortage. However; we do have an abundance of homes still being sold as short sales/foreclosures. There are many people now willing to put in the work to make them more liveable, and investors snapping them up readily. Hence why some homes are going super quick. Homes that are not in short sale or foreclosure are receiving multiple offers and I've had many people lose out on the deal because they aren't offering enough for the seller to be happy. I had one person who I put into a home that we submitted 3 different contracts on before we had someone accept. If the home is priced right, it will sell. Oftentimes, the realtor will recommend a price - but it's not our job to make the market. We just interpret what is there based on our own knowledge. That's why it's important to find a realtor who knows the marketplace, and will be by YOUR side during the entire process if needed.

[blueherons]

Originally Posted by stup123

the prices are not moving up unless we see any progress with job situation

South Florida is in a unique situation that the rest of the country doesn't deal with: an abundance of people who don't need jobs here in order to buy. Many homes are second homes for not only wealthy Americans but wealthy South Americans and Europeans.

South Florida's real estate market is driven by other variables.