Fort Lauderdale, FL -- (SBWire) -- 07/15/2009 -- Home prices lower then they have been in years have attracted bargain hunters who are taking advantage of South Florida's depressed housing market. Buyers are scooping up properties as a result of the big price declines. “Fort Lauderdale real estate prices are at levels, which have not been seen in years”, states Sheri Edewaard, Realtor Associate of The Cabot Homes Group.
The Florida Association of Realtors states Broward County’s median price for existing homes was $191,300, down 36 percent from $298,100 a year ago. However sales countywide jumped 33 percent, to 690 from 518.
In addition to the bargains in existing homes, there are few areas in the state of Florida, which boast cheaper condos than Broward. The median price for existing condos tumbled 47 percent to $79,900 and condo sales shot up 39 percent.
This has restored affordability in Fort Lauderdale homes and Broward County as a whole. “Buying a home in Fort Lauderdale is no longer out of reach for many looking to purchase their first home or second homes in South Florida”, states Cabot Edewaard, Broker Associate of The Cabot Homes Group.
Although the news is grim with the prices of properties Fort Lauderdale, there a few bright spots are emerging.
With ten consecutive months of sales increases there has been a significant dent in the inventory of properties for sale. The number of available homes and condos in Broward is down 18 percent from a year ago. The increase in consumer confidence along with the drop in interest rates have been contributing factors in the recent increase in Florida homes for sale.
Interest rates for a 30-year, fixed-rate mortgage averaged 4.81 percent in April, down from 5.92 percent from a year ago, according to mortgage company Freddie Mac.
In addition, the $8,000 federal tax credit for first-time buyers is a big draw. Florida lawmakers recently approved a measure that will allow state agencies and other entities to provide short-term bridge loans that buyers can use to help with their down payments. The loans can be repaid with proceeds from the tax credit.
The demand for housing is robust again. The lower prices for South Florida homes have brought back bidding wars and full-priced offers in certain neighborhoods.
With the increase in sales due to affordability, low interest rates, and tax incentives now is the time when you need professionals you can trust. At Cabot Homes our exceptional customer service and unparalleled knowledge of the South Florida market allow us to tailor our efforts to the unique needs of homebuyers and sellers alike. . In today's economy you need a real estate specialist with extensive local experience and relationships to help close the deal. The Cabot Homes Group offers innovative marketing and cutting-edge online services to help you reach your ultimate goal quickly and efficiently
Whether buying, selling or renting property rely on The Cabot Homes Group – the premier realty service group in Fort Lauderdale.
Homes Sales Soar in Broward County – Fort Lauderdale Real Estate Market on the Rise
Although homes prices continue to fall in South Florida, April was a good month for home sales in Broward. The Cabot Homes Group were pleased to see things turning around.