South Florida Ranks Sixth in Zillow’s Best Buyer’s Markets

South Florida Ranks Sixth in Zillow’s Best Buyer’s Markets

South Florida has ranked number six on the “Top 10 Buyers’ Markets” chart from Zillow, which bases its ranking on home inventories and prices. The market beat out Orlando, which ranked number 10 and is only one position lower than New York (ranked fifth).

What is the nationwide housing trend?

Buyers in the housing market nationwide have limited options, due to low inventory, according to Zillow’s market report from January 2016.

Consistently in the past year, the housing that has been available for sale has dropped each month when compared to the previous year’s month. When comparing January of this year to January of last year, the housing inventory for sale has dropped by 8.6 percent. Of the 35 largest metro housing markets, the inventory fell by 10 percent or more since 2015 in 16 of those markets.

Current real estate market trends give buyers the advantage in negotiations

Historically, new homes are constructed to emulate the demand for houses. However, there has been a decline in the past three months, which will possibly impede on first-time homebuyers because of bidding wars.

Zillow also indicated that houses are currently staying on the market, on average, for 105 days. This helps buyers have the upper hand in negotiations because the longer they stay on the market, the more likely it is for the selling price to be reduced. The marketing report takes into account the decrease in sales prices, as well as the number of days the housing stays on the market in determining whether the market is more beneficial for buyers or sellers.

Are you considering buying or selling a home in Miami? With over 15 years of experience, Suzanne Feanny knows the market inside and out and is available to answer your questions with a complimentary consultation. Click here to contact Suzanne.

Sources:

Gudell, S. (2016, February 23) January Market Report: Low Inventory Limiting Options For Buyers Nationwide. Retrieved March 6, 2016 from http://www.zillow.com/research/low-inventory-jan-2016-11796/

Lima, D. (2016, February 26). South Florida ranks no. 6 on list of buyers’ markets in the U.S. MIAMI HERALD. Retrieved March 5, 2016 from South Florida ranks no. 6 on list of buyers’ markets in the U.S.