Thursday, June 13, 2013

Real Estate Market in Broward County is Stabilizing

While the rest of the country is still recovering from the real estate market collapse, it looks like the majority of Broward county Florida cities are making a comeback with property values that are on the rise. The top three leading competitors are Cooper City, North Lauderdale, Parkland, and Coral Springs, in descending order of taxable value. Miramar Florida is a close competitor as well. The city manager of Coral Springs Florida claims that the 4% increase was expected, and this trend should be solidified based upon July’s numbers which typically exceed those in the month of June. He goes on to say with confidence that we should see this upward trend continue through next year as well. There is still progress to be made, however, given that these numbers – while a positive increase – are still less than the Broward county average. The primary issue at hand is a shortage of homes available for sale (the article sites especially around Coral Springs), and that there are far more investors purchasing property than first time home buyers. Broward county has a couple of contributing factors working in its favor, with incredibly low interest rates and less homes available for sale, prices are being driven back up. A real estate agent quoted within the article states that Broward county home prices are “where they should be”. Low interest rates also make the home buying process easier, so more buyers are converting from being renters to homeowners, with fewer foreclosures and short sales in between. It helps considerably that cities within Broward county: Coral Springs, Cooper City, North Lauderdale, Parkland, and Miramar are some of the best cities to live in south Florida. Close to beaches, shops, restaurants, entertainment, and nightlife, without being too far in the center of the urban hustle and bustle. Information derived from Sun Sentinel.

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