The real estate market in Fort Lauderdale, Miami and the surrounding South Florida areas is booming. The increase in buyers over the past year has created a true seller’s market with many sellers receiving top dollar for their homes. According to an article from a Miami news source, buyers are fleeing cold temperatures, pandemic lockdowns, and high taxes in the northeast and heading to South Florida where the weather is warm, restrictions are looser, taxes are lower and the job market is thriving.

Fueling the hot seller’s market in South Florida is the low inventory. According to a local real estate agent, many out of state buyers are entering the market and paying over asking price in cash to ensure they win the bidding war for a home. He commented,

“We listed a house on Saturday. We had over 80 showings, 80 showings, the same day we had half a dozen offers. Of those half a dozen, five of the six were for over asking list price.”

Additionally, homebuyers coming from colder climates are realizing they can work remotely, so are looking for a larger house in a warmer location. Experts expect this trend to continue through the summer as parents rush to purchase and become settled before school starts again in the fall. Interest rates are still low, but expected to rise later in the year, prompting buyers to take action before the increase occurs.

Are you interested in purchasing a home in Fort Lauderdale or the surrounding South Florida areas? Fairway Fort Lauderdale would love to help! Call us today to learn more about purchasing a home this year.