Bidding wars break out on low-priced homes
Bidding wars are returning to South Florida's housing market, as
investors and first-time buyers compete for homes and condominiums listed at
$200,000 or less.
The race for properties is reminiscent of the boom years from 2000 to 2005,
when multiple offers on all types of dwellings helped push prices to record
highs.
Back then, a dearth of properties for sale had buyers rushing to scoop up
anything they could find, for fear that prices would keep rising. Now,
frustrated with a bloated inventory of foreclosed homes in disrepair, buyers
go to great lengths when they spot a house or condo in pristine
Agents say the heated competition has been building in recent months. Steady
sales increases during the past year gradually have worked off the inventory
of available homes.
Real estate agents are convinced that the overall market
has hit bottom or is close to one.
“We’re in a slow, but definite recovery mode,” says Alexis McGee,
foreclosure expert. “While foreclosures persist and unemployment still
worsens, there are positives in the market that give a strong indication
that housing markets have bottomed.”
Posted: 17 July 2009
Source: South Florida Sun Sentinel
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