South Florida Home Sales Surging At Last

Buying a South Florida home is suddenly back in vogue again as prices continue to fall to levels not seen in long time. Homebuyers are jumping back into the South Florida home market and creating a surge of home sales not seen for several years.

First-time buyers are delighted at finally being able to afford a home of their own. Retirees with cash are also getting into the game, pulling their money out of the stock market and investing in South Florida real estate at prices they thought they might never see again. With mortgage rates at historic lows, even traditional real estate investors are returning to the market. No, they re not "flipping properties" this time. These investors plan to either live the home themselves or rent them until the Florida real estate market recovers from its disasterous recent past.

Typical resale homes in Broward and Palm Beach counties now sell for an average of less than $295,000, prices lower than at any time since early 2004 according to the Florida Association of Realtors (FAR).

Pre-foreclosure sales go for even less as Florida job losses and falling home and condo prices sent another 90,000 homes into foreclosure in the past quarter. Resale condominiums are now selling for 40% less than just two years ago. Properties in the $100,000 to $250,000 price range, however, are the most popular purchases.

On the dowside, however,with the U.S. economy as a whole slumping badly and the huge supply of existing and pre-foreclosure short sale and bank-owned homes and condos already on the, prices may stay low and not begin to recover until well into 2009 or even later.

If you have been thinking about buying South Florida real estate, this is a great time to get serious about it. In the Sarasota Bradenton market, for example, you may want to contact Mary Bernas, Longboat Key Realtor, Beverly Rabalais, Sarasota Realtor or Bob Henley, who specializes in the Venice FL real estate market. To find competent realtors for other parts of Florida, visit the Best Realtors in Florida website.