Are you also wondering where is the South Florida market headed in 2016?
It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their home on the market until then. The question is whether or not that will be a good strategy this year.
The MLS (Multi listing system) is more than a marketing billboard for listings as it serves as a source for data and information. On February 24, 2016 the NABOR MLS reported 232 Price Decrease and 11 Price Increase. And, that our notorious seasonal market will be impacted significantly in the months ahead by this volume.
Property inventory increases and prices rapidly reducing are creating the perfect conditions for a market shift. It can also be considered a good time to sell before it's too late. I have seen buyers, in both commercial and residential transactions take a precautionary approach to the market signs. This is a typical behavior when there is uncertainty as to the direction of the market. During this transitional period the market goes on "pause". Sellers will reconsider their motivation to sell and buyers have a lot more options on their plate.This equilibrium is is beneficial for buyers who prefer not to find themselves competing and overbidding on properties.
A real estate professional knows of the cyclical characteristics of the real estate industry. So... I believe that we are in a Buyer's Market Now!