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Multiple offers now common on South Florida homes

Multiple offers now common on South Florida homes

According to the Florida Association of Realtors and an article in the Fort Lauderdale Sun Sentinel, multiple offers and sales higher than asking price are becoming common. In the report, they cite a two-bedroom condominium was listed for $53,000. Unlike other condos, this one wouldn’t prevent the buyer from renting the unit in the first year.
A fair price with no rent restrictions, the condo drew 54 offers, finally for $71,000 cash. Many people who wish to buy while there are great deals are avoiding properties with restrictions and driving up the value of those with little or none. The reasons are generally that they cannot retire or use the property themselves but if they can rent it for a year or two, they can make the numbers work.

As normality returns to Florida’s housing market, many homes are getting multiple offers. There is a strong demand from first-time buyers and a reduction of inventory of available homes. A competitively priced property can get several offers, putting sellers in control.

 

Some information in this blog was read in an article, Copyright © 2012 the Sun Sentinel (Fort Lauderdale, Fla.), Paul Owers. Distributed by MCT Information Services.

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