Strong demand and a lack of homes for sale continue to drive
prices higher across South Florida but before the end of the year we should
start seeing an increase of available homes in the market.
"Inventory remains an issue, but this is fast becoming a
sellers' market and as sellers realize this, we expect inventories to rise as
we approach the last quarter of 2013," John Tuccillo, chief economist for
the Florida Realtors, said in a statement. "Over the long term, we need to
correct the imbalance between investors and owner-occupier households that has
developed because of financing issues if the market is to prosper for a long
time."
Many homeowners are unable to sell because they owe more than
their properties are worth. Others are just waiting for prices to keep rising
as well as the banks which do not seem to be as eager to negotiate as in the
previous years when prices were lower. As a result, investors and other buyers
are competing for a small pool of homes, leading to bidding wars and quick
sales.
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