Is The Real Estate Market a Buyer’s Market or Seller’s Market?
One of the most common questions that Florida homeowners and people who are interested in buying homes across the United States have right now is if the current real estate market a buyer’s market or is it a seller’s market? The answer to this question depends upon who you ask but, if you look at the facts and figures regarding the current real estate market right now you’ll see that due to a lack of supply and higher demand for homes across United States, the current real estate market is a seller’s market.
Real Estate Marketing Improving In Florida
Thanks to median home prices that have increased in the last few months and reduced home inventory, the real estate market in Florida is beginning to look up, other factors that are helping the Florida real estate market include very low interest rates and home buyers that don’t want to wait any longer to purchase homes.
According to Summer Greene, president of the Florida Realtors for 2012, pending sales in Florida are up around 30% or more for regular single-family homes and they are also up over 20% for condos and townhomes. A pending sale refers to a contract that’s been signed but not yet closed. A real estate sale typically closes within 90 days or less after the contract has been written.
Average Median Home Price
The average median price for a single-family residence in Florida is very affordable at hundred $139,000 dollars and this figure is up almost 10.5% compared to the same time one year ago. For condos and townhomes in Florida, the average median price is $105,000 dollars and this price is also up over 20% compared to the same time last year as well.
The real estate market is also looking up for other states as well too. In California the average median home price for single-family home is around $266,000 and nationwide the average price for a single-family home is just over $157,000. Home prices nationwide were distorted a little bit due to the large supply of foreclosures and short sales that are still on the market but, as the economy improves realtors are expecting that there will be less Florida short sales or foreclosures nationwide in the coming months and this means even better news for the nationwide real estate market.
Dr. John Tuccillo, chief economist for Florida Realtors feels bullish about the future of the real estate market in Florida and thinks that thanks to the encouraging news that Florida realtors have received recently like the increase in sales prices for condos and family homes in Florida plus more buyers considering expensive properties the future of the Florida real estate market looks bright and the tough times that Florida realtors will soon be a thing of the past.