A survey released from Redfin, gathered information from potential home buyers who are interested in purchasing homes within the next year. This survey is based on 829 potential homebuyers from 19 different cities. It takes a close look at the mindset of homebuyers in the current Real Estate Market. This survey was taken from all part of the USA. We at the Henri Frank Group at Remax Preferred, selling homes in Fort Lauderdale, selling condominiums for sale in Fort Lauderdale, Wilton Manor Florida properties, Miami homes for sale and South Florida properties in Palm Beach County, Miami-Dade County and Broward County homes for sale, which makes up South Florida.
Listed below are some of the essential discoveries from the survey:
1. 46% of potential buyers consider now a great time to purchase homes. This percentage has declined for two consecutive quarters.
2. 32% of home shoppers consider now an ideal time to sell properties which has increased over the last two quarters.
3. 61% of home shoppers are under the impression that home prices will increase. This percentage has increased consecutively for two quarters.
4. 62% of home shoppers showed interest in traditional home sales which is a 5% increase from the second quarter and 14% increase from the first quarter of 2012.
5. 31% of potential buyers would not compete in a bidding war and would let the other buyer have the property. This is a 3% increase compared to calculations in the second quarter.
6. 27% of those surveyed stated that the slow economy is one of their main apprehensions regarding buying property this year. This is a 3% increase from those surveyed last quarter.
Although home prices have started to increase, one of the recurring issues for buyers is the lack of inventory available, not the prices. The foreclosure market which was once controlled by investors has been substituted by first-time home buyers looking to capitalize on the record low mortgage rates as indicated by Lynn Whitefall, Mortgage Originator and Regional Manager for GOLDSTAR FINANCIAL. The lack of homes on the market means that not everyone will find the home they’re looking for. Many of the homeowners who are selling their properties are those looking to relocate for a new job or to make room for a new addition to the family.
The South Florida Real Estate market continues to improve. With the increase in activity, comes the issue of supply and demand. More demand, less supply, creates more of a sellers market and has been the experience of the Henri Frank Group brokered by Remax Preferred, located throughout Broward County Florida.