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Mager McQueen Group

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Realtors say home sales increasing

Home sales up in Miami-Dade, Broward Counties in November 2012 compared to 2011

Published On: Jan 02 2013 05:20:32 PM EST Updated On: Jan 02 2013 10:57:55 PM EST

MIAMI -

Click Here to view video: http://www.local10.com/news/money/Realtors-say-home-sales-increasing/-/1717308/17988080/-/9uav35z/-/index.html

Homes are flying off the real estate market in just days in South Florida.

Realtor Jeff Mager with Elite Coastal Properties said he sold a home in Hollywood that was on the market for only four days.

"They updated everything from the tile to the granite countertops," said Mager. "While I am sitting there with the buyer, we have had three inquires from buyers that want to buy the house."

MIAMI -

Homes are flying off the real estate market in just days in South Florida.

Realtor Jeff Mager with Elite Coastal Properties said he sold a home in Hollywood that was on the market for only four days.

"They updated everything from the tile to the granite countertops," said Mager. "While I am sitting there with the buyer, we have had three inquires from buyers that want to buy the house."

Mager said the seller is often in the driver's seat, and buyers must be ready to make concessions.

"If it doesn't appraise, you see the buyers come up with more cash. If there is an issue with the inspection, the seller is not held to it," said Mager.

Both home sales and prices have been rising steadily. In November in Miami-Dade County, sales were up 23 percent compared to last year, where the median home price has increased for 12 straight months. In Broward, sales were up 22 percent compared to 2011.

The inventory of single-family homes is decreasing as investors pool their money, buy homes, and then rent them out, say realtors.

"The inventory is down drastically. Active buyers are ready to buy right now and we can't get them into houses because they are just not available," said Mager.

Andre Shambley with Real Living Realty said she was involving in a bidding war as she got her client into a brand new $240,000 home.

"There was an offer. We made our offer a little bit higher and a little bit stronger and that is how she was able to get in on this property," said Shambley, adding that new home construction is making a comeback.

"Realtors now a days, if a buyer is not pre-approved, a realtor is not even going out and showing them properties," said Shambley. "If you price your house to sell, you will sell that home within 7 to 10 days. I guarantee you."

Mager said the seller is often in the driver's seat, and buyers must be ready to make concessions.

"If it doesn't appraise, you see the buyers come up with more cash. If there is an issue with the inspection, the seller is not held to it," said Mager.

Both home sales and prices have been rising steadily. In November in Miami-Dade County, sales were up 23 percent compared to last year, where the median home price has increased for 12 straight months. In Broward, sales were up 22 percent compared to 2011.

The inventory of single-family homes is decreasing as investors pool their money, buy homes, and then rent them out, say realtors.

"The inventory is down drastically. Active buyers are ready to buy right now and we can't get them into houses because they are just not available," said Mager.

Andre Shambley with Real Living Realty said she was involving in a bidding war as she got her client into a brand new $240,000 home.

"There was an offer. We made our offer a little bit higher and a little bit stronger and that is how she was able to get in on this property," said Shambley, adding that new home construction is making a comeback.

"Realtors now a days, if a buyer is not pre-approved, a realtor is not even going out and showing them properties," said Shambley. "If you price your house to sell, you will sell that home within 7 to 10 days. I guarantee you."

Home Buyers' Market More Competitive

Housing Sales Increase In South Florida

POSTED: Tuesday, May 11, 2010

UPDATED: 7:03 am EDT May 12, 2010

HOLLYWOOD, Fla. -- South Florida's housing market is picking up again, and as sales increase, it is becoming more competitive for buyers to land the home of their dreams.

Shannon Alfele said she and her husband, Scott, have been searching for a new home for about a year. She said they thought this would be the perfect time to sell their three-bedroom Hollywood home to find a bigger house.

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"We thought we would have a good opportunity to buy now," Alfele said.

But Alfele said she and her husband were shocked when they were outbid by $180,000 for a home, after they made an educated, reasonable offer.

Realtor Ann McQueen, of Elite Coastal Properties, said situations like Alfele's are occurring in single-family home sales in many South Florida neighborhoods.

"We have a young couple. We put an offer in on six different properties, above asking price on all six. We knew that we had to come in above asking price, and we got outbid on all six," McQueen said.

Affordable pricing, low interest rates and low inventory have turned the buyer's market competitive.

“We actually in the past four months have sold 75 percent of our inventory. That is huge," McQueen said.

Experts said buyers should bring their highest offer to the table from the start. Try to avoid contract contingencies such as having to sell your home first, and make sure your financing is set.

The good news may be for sellers who have been squeezed by dropping property values. Experts said sellers should not get greedy and should keep the pricing realistic.

Luckily for Alfele, she plans on being both a buyer and a seller.

“We have three potential buyers that are waiting on us to find another place in the neighborhood to move to and we just haven’t found the right property yet," Alfele said.