Thursday, January 14, 2016

Is it time to sell my condo in Aventura?

As we enter the new year this question came across my desk: Is now the time to sell my condo in Aventura, Florida?

(SIDENOTE Unlike the rest of the country, there is no specific  “best” time to sell real estate in Aventura, Florida or any other parts of South Florida including condos in Aventura Peninsula or The Hamptons and homes in Sunny Isles or Golden Beach. When you live in paradise 365 days a year any time is suitable to buy or sell real property, We are lucky.)

There are signals however that tell us when it is a good time to sell your home.

1. Rising Rental Fees. 

This increase in monthly expense could motivate a potential renter to purchase a property. Simple concept, pay off your mortgage rather than someone else's.

2. Relatively Low Mortgage Interest Rates

Even though the rates at which a bank will loan money for a home purchase have increased recently, these rates are comparatively low. This could motivate a first-time buyer owner or renter to purchase a home.

3. There are fewer cash buyers.

The Miami Board of Realtors reports fewer cash buyers in the South Florida marketplace. These purchased have helped keep alive home sales in the last number of years. However, experts predict this will slow down in the coming months,

"We are predicting a more stable and sustainable housing market in terms of price growth," said Ralph McLaughlin, Trulia's housing economist. "A lot of the growth we saw was from cash buyers, but now we are thinking those buyers will play less of a role."

4. Low housing inventory.

Inventory of homes, both condominiums and single family homes is tight. According to the NAR (National Association of Realtors), the level of unsold homes was less than five months supply. Translation: in less than five months in any given area, property inventory would be non-existent.  

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