Just in case you haven't noticed; home prices in highly sought after suburban neighborhoods located in cities like Weston, west Miramar, Pembroke Pines, Davie, Plantation, Coral Springs and their surrounding cities have stabilized.
While the numbers of homeowners still faced with foreclosures and failed loan modification programs are staggering, foreclosing banks are controlling inventory and not allowing the release of massive foreclosures as they did before at the start of the mortgage melt-down. Their new strategy to hold on to repossessed properties by employing techniques such as lease backs, etc. has in fact reduced supply while demand has been increasing.
Areas such as Weston and Davie, particularly with high income residences experienced a lower level of foreclosures and short sales. Although everyone has been affected in some way or another from a weak U.S. economy, statistics show that over 70% of owners in Weston were actual bonafide buyers who purchased their homes with the ability to afford them and for reasons other than speculation. That explain why buyers can find homes in Weston and Davie at great prices (still more affordable then during the height of the real estate market) but not at prices 30% to 50% lower than today's current fair market value.
With the high demand for homes in these cities combined with low supply, affordable prices, investors returning back to the real estate market accompanied by a sweeping overhaul of 1st time and international buyers looking in these areas, prices have become Stable. Now we can level the plane and began to see what home values in Weston, west Miramar, Pembroke Pines, Davie and surrounding cities should look like - Not inflated and Not at unleveled bottom lows.
Smart home shoppers looking to buyer in these areas are well informed, prepared and realistic about their purchases. They get the best deals because they are driven by real facts and not speculation or false assumptions. They also realize that although they may not purchase at the absolute lowest price, they are purchasing at a safe, affordable and stable price because home prices in these areas are stabilized - providing a recipe for a great buy!
While some buyers are still under the assumption that the sky is falling, market is declining and sellers or banks are desperate for any offer for homes located in these areas, reality is far from their theory! Often times these bargain shoppers may eventually find their poor judgement and low-ball offers are crushed every time by smart and sophisticated buyers.
After awhile I began to feel a sense of sympathy towards such misinformed buyers because they start off excited about shopping for a home, and their unrealistic expectations eventually leads them to the path of frustration and discouragement.
In the end if an unrealistic buyer fails to take heed and be redeemed from their misinformed way of thinking about the real estate market in these areas, they will miss out on the buying opportunity of a life-time. I've seen it time-and-time again. They don't buy when the market prices are at all time lows for fear of declining prices and they still don't buy when prices are stable because they fear they're paying too much! They exhaust themselves trying to time the real estate market and often times they will go months and months looking for something that doesn't exist in highly sought after neighborhoods until they eventually end-up becoming market drop-outs or sideline window shoppers.
If you’re a home buyer shopping for a home in Weston, west Miramar, Pembroke Pines, Davie, Plantation or surrounding cities, don’t be misinformed about foreclosures, deals and steals in these areas! Contact us today so we can assist you with finding your dream home at today's best prices!
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