What a difference a year makes. South Florida home sellers over approximately the past five years had to wait for prospects, much less offers. But things have turned around. The SunSentinelreported on December 9, 2012 that:
As the sizzle returns to South Florida's housing market, many homes are getting multiple offers, a result of strong demand from first-time buyers and investors and a shortage of available homes. It's vastly different from a few years (ago).
Factors contributing to the success of the South Florida real estate market include: affordable pricing, job growth, and historically low interest rates. Buyers should act soon, as prices have increased over the past couple of months. The SunSentinel reported that South Florida home prices rose an average of 8.5 percent. Another factor contributing to the increased interest of home buyers is the relatively high cost of renting in South Florida. Huffington Post named North Miami Beach the Priciest American City to Rent.