The Facts:
National Association of Realtors reported that existing home resales were up in November by 0.6 percent , the second straight month that it has increased. In addition, new home sales rose by 3.4 percent, and unsold inventories of builders decreased to their lowest levels since FEBRUARY 2006. Federal data also showed that 36 metro areas with solid employment were still experiencing double digit price increases at the end of September 2006. There were some markets where unemployment has been prevalent and those markets experienced declines.
South Florida's base economic indicators have all been solid. Although local inflation has increased slightly larger than the national average, local household income did increase by almost 50% since 1999, from approximately $40,000 to over $60,000. I saw the article in the Miami Herald earlier in the week. If anyone has it, please comment on the stats. The unknowns going into the future are how many of the condo buyers were investors versus end users.
My Opinion:
So far, the activity in the first two weeks of January has been unbelievable. I have listed several homes and gotten offers within the first 3 days of listing 3 times. In addition, homes that have been sitting for months have now received offers also. We have been receiving more showings on our listings in 2 weeks than we did almost the entire months of November and December combined. All of our buyers who were thinking about buying for the second half of 2006 but chose not to, are all deciding to buy now.
What's Next:
How To sell your Home Tax-Free. Some of the rules are a little tricky when it comes to selling your homestead exempted home. I will discuss some of these issues soon.
Deal of the Day:
We have a fantastic luxury condo for sale in the Peninsula Building, directly on the intracoastal in Aventura, next to Williams Island. This flow through unit features 3298 sq ft of open living area, with tremendous sweeping views of the ocean, intracoastal and sunrise to the east, and city and sunset views to the west. Many upgrades including a granite and stainless steel appliance kitchen, custom bar area and 3 full bedrooms and marble flooring. Call for uptodate pricing and availability.