It’s Summer in SoFlo and Things are Heating Up
As we collectively emerge from COVID-19, the economy is picking up and residential and commercial real estate will start to see a more natural state of affairs in the coming year. But there are trends to watch and tips that both buyers and sellers should know as we all get back to normal.
Real estate will continue to rocket in South Florida. After months of successfully navigating a lock-down by working remotely, some people will ditch the idea that they have to live close to their offices in the nation’s urban cores. Moreover, retirees still find Florida attractive.
Suburban homes with room to spread out and a backyard pool will continue to be in high demand by offering more living space for the dollar. At the same time, an abundance of buyers actively in the market will stoke the already hot rental sector as they wait for the right home-buying opportunity.
South Florida will continue to be a sellers’ market, driven by a few factors, including an improved economy providing new jobs, people reevaluating where and how they work, low mortgage rates, no state income tax, and an increased number of millennials finally coming into the market.
With all of this activity, buyers and sellers should keep in mind:
- Never sign a contract without letting an attorney review it. Once you sign a contract, you cannot change those provisions without the approval of both parties.
- Buyers should always hire a professional home inspector to check out the property. Don’t trust the seller or the photos on the internet. You need to see the condition of the property in person. If the inspection turns up something you’re not prepared to deal with, including major repairs, an attorney can help you withdraw from the deal.
- If you’re a buyer, never wire money without verbally confirming the destination of the wire transfer. With a frenzied market, there are always people looking to take advantage of a situation.
- If you’re a seller, curb your enthusiasm and don’t jump at the first offer. Try to keep the house on the market for at least two weeks. The more buyers you can select from, the better your chance of a deal not falling through. Trust your gut.
- Sellers should remember that the highest price isn’t always the best offer. Be sure to have an attorney review any conditions that make a buyer too much of a risk and endanger you from securing a solid offer.
It’s summer in SoFlo. Things are heating up. Buyers – and sellers – be smart and don’t get burned.
Vanessa Bertran actively handles a significant range of real estate matters, from commercial and residential transactions and closings to sophisticated commercial foreclosure litigation, to real estate operation issues including landlord/tenant disputes and evictions.