Fort Lauderdale Real Estate 2019
Many potential home purchasers, continually ask… what’s the 2019 Fort Lauderdale Real Estate market outlook? The best way to look into the future is to view the past and current trends. The forecast shows that Fort Lauderdale has been in steady, healthy and growing market now for several years. Just take a look at the last year.
Single Family Homes Data
Considering that home sales and price increases in the past year, you will see that there has been steady growth. Single-Family home prices have risen nearly 8%. You will find similar results with the Townhouse/Condo market as well. Surprisingly, this market out-performs the single-family homes market with a annual increase of just over 11%. This is impressive, considering the lending standards a significantly more stringent than single-family homes.
For some, they may think it’s due for a down trend. Prior to the most recent real estate crash, many were sure prices would never stop rising. Now a decade later those same believers are now naysayers. With a steady, yet healthy increases in the real estate market and overall econmic markets , the mentality shouldn’t be reversed. But, like before, there is no reason behind the obvious thinking. Let’s look at the statistics and make a decision based on that. But first, one of the largest factors in the stability of home ownership is equity and loan quality.
If you’ve tried to get a mortgage in recent years, you’ll know that the lending standards have really tightened up. In the Fort Lauderdale area, many of our homes a multi-family units like townhouses and condominiums. These are even more difficult to qualify for, especially in the condo market where you and the building are both up for review. In the years to follow the crash, cash purchased dominated the South Florida market for years while lending standards were changed. But, with everything that has been put into place you rest assured that the current market is backed by cash purchase and quality lending backed with home equity.
Based on home pricing indicator above, you will see that it looks like the market is where it needs to be and it’s back on track. On the other hand, if you look at the same graph adjusted for inflation, the market is in need of further correction.