South Florida’s Red-Hot Housing Market Icing Out Potential Buyers Who Can’t Compete With Investors

MIAMI GARDENS (CBSMiami) – Home prices proceed to surge successful South Florida, and the inclination has near galore homebuyers successful bidding wars oregon incapable to find properties.

“I’ve been looking for a location for astir 2 years, it has been a precise hard and kinda of a strenuous process,” said South Florida nonmigratory Alexander Shepard.

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Shepard adds contempt person thousands saved and large recognition his imagination of becoming a location proprietor has been virtually unattainable.

“A location mightiness beryllium connected and disconnected the marketplace wrong 3 oregon 4 days, sometimes 2 days. So earlier I tin adjacent get the paperwork signed, I’m told that the location is disconnected the market,” said Shepard.

According to Realtor.com, Miami-Dade County’s full location income surged 142% from this clip past year. In summation to homes being sold successful grounds time, realtor Brittney Woods says galore properties are besides being sold good supra the listing price.

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“You astir apt won’t adjacent enactment a declaration successful astatine the asking terms due to the fact that radical are really bidding now. So let’s accidental we person a two-bedroom condo that’s listed astatine 100, but the highest connection that they got was 150, they’ll apt spell with that 150 offer,” said realtor Brittney Woods.

Woods says galore of those offers are currency offers being made by investors, giving the buyers the leverage to inquire immoderate terms they want. And she adds North Dade and South Broward are among the ZIP codes where, for example, homes that utilized to merchantability for nether $200,000 person seen their prices leap by $50,000 to $100,000 successful the past year.

“The existent property marketplace close now, arsenic is communal knowledge, is simply a sellers market. Maybe for the past twelvemonth and a fractional it has been hard for astir buyers to interruption retired successful the marketplace – 1 we person precise debased inventory. And Miami Gardens is 1 of those blistery spots – 33056, 33169, 33179,” said Woods.

As for Shepard, helium says contempt the obstacles he’s not giving up connected his imagination of being a homeowner

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“The much I save, the much I marque the marketplace is kinda retired pacing it truthful options are conscionable slim inactive determination is nary crushed to stop,” added Shepard.

Bobeth Yates