It's spelled R-E-C-O-V-E-R-Y

    Chenoregroup Logo - CopyIn the past 30 days in Broward County Florida there were 1157 Condo closings and 956 SFH closings for a total of 2113…

    Currently there are 5833 Condos and 4036 SFH’s available for sale…

    The math on that boils down to 4.1 months of inventory, however that’s not real accurate.  We are currently working with buyers that have written offers on as many as 3 houses and are yet to get one!  Investors are snapping up anything in the “sub $250” range and leaving many first time buyers in the dust as they typically need mortgages (FHA mortgages at that) and cannot compete with cash buyers which investors are.  It’s sad really.  We are back to sales and listing volumes equal to, and a bit better than, pre-bust levels in 2006-2007.  There is a feeding frenzy happening again and it’s not really represented in that 4.1 MOI figure.  During a 2 week period last month we listed 3 houses in completely different areas and price points and each one sold in under a week, and over or AT list price!  THAT is the state of the market…As someone who is now gone once said…the market is “fluid” and that’s a great description…

    If you’re a buyer, get ready to jump into the deep end with no water wings…If you’re a seller, and you’re not upside-down…stand back…You NEED your agent to sort through and evaluate the many offers with varying terms that will be presented to you.  Truth is that even short sales are experiencing quite active listing periods, ,why?  Buyers are (as stated before) being pushed out-of-the-way by investors and investors RUN from short sales leaving that segment for the owner-occupant buyer.

    Bottom line is…MOVE quickly and be ready to miss out on a few first.  That my friends, is what a Real Estate recovery looks like!

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