24 percent, that’s the figure to watch out for. All eyes are on 2013 to bring about an economic rebound in the rebuilding process of the housing industry. For both single and multifamily units of all walks, municipalities, suburbs and country-side living areas, sales of homes are expected to rise 24 percent in 2013. No more is the talk of whether or not the market has, or will, bottom out—if you were still looking for it, it already happened. The housing market is getting hotter by the minute, and in 2013 signs are pointing to a bubble beginning build up.
What’s the outlook for 2013, you ask? An overall increases in property prices for all markets across the US, including the bear markets that were (losing value throughout the year 2012.)(http://blogs.wsj.com/developments/2013/01/22/the-year-everyone-was-wrong-again-about-home-prices/ )The cause for all this commotion could be attested to a combination of record-low mortgage rates, attractive prices that have lingered around for the last few years within this great recession as well as declining unemployment and, most importantly, an added supply of empty homes.
(Bloomberg reports,)http://www.bloomberg.com/news/2013-01-04/housing-a-sweet-spot-for-u-s-economy-as-recovery-expands.html “Building is set to jump after the inventory of new homes fell last year to the lowest level in half a century. Housing starts, including single- and multifamily units, are expected to increase 24 percent to 967,000 in 2013, the most since 2007, according to the median of 17 estimates. Starts will reach an annual pace of 1 million by the end of this year and 1.5 million by the end of 2016, according to a report today by Goldman Sachs Group Inc. analysts led by Hui Shan, who said housing will remain a “bright spot” in 2013.”
And it goes without saying that South Florida Luxury Homes too have seen the benefit of the booming housing market. (According to the Sun Sentinel), ((http://articles.sun-sentinel.com/2013-01-21/business/fl-luxury-housing-market-20130118_1_apogee-beach-philip-j-spiegelman-luxury-market) “A resurgence of sales of high-end homes and condominiums is helping South Florida’s housing market recover from the six-year downturn…Sellers waited months, sometimes longer than a year, slashing prices time and again with no takers. Even with the chance to buy trophy homes on the water or in gated communities at 50 cents on the dollar, prospective buyers feared the falling market…But now most buyers believe the bottom has passed, brokers say.” Palm Beach and Broward are making some serious strides, but it’s the South Florida Luxury Homes in the Miami Area showing some ridiculous results and turnaround due to an abundance of high-end condos and foreign investors leading to an excess in both supply and demand.
It seems as though there is no looking back on this trend, from the houses to the high-rise, it all seems suited to go on the rise. With the rising supply, now is shaping to be the best time to get into the market. The opportunities have risen on the horizon, are you ready?