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By Mike Benton
Many people are asking about the Fort Lauderdale real estate market status and wondering about the market forecast for 2012. Will the market begin to recover? Will the many Fort Lauderdale homes for sale sell faster? When will we start to see a steady improvement in the housing market? Which areas of the housing market are the smartest investments in 2012? We have some new, up to date statistics on the Fort Lauderdale homes for sale that will illuminate some answers to these questions.
First, the mortgage rates are at the lowest levels in years, a factor that has helped stimulate the housing market over the past 3 months. As of January 17th, 2012, the conforming 30 Year Fixed Rate for primary residences is 4.0%, and the Conforming 15 Year Fixed Rate is 3.375%. These mortgage rates are simply too good to pass up for those interested in buying a home in the next few years.
As for market recovery, we have some new, positive indicators that the Fort Lauderdale real estate market will experience some improvement in 2012. The many Fort Lauderdale homes for sale that flooded the market in 2004 lost a tremendous amount of value until mid 2010, at which point the home values held steady and began to improve during the last quarter of 2011. As of the last quarter of 2011, the median home price was $183,303.
Home affordability has improved over the past 5 years in the Fort Lauderdale real estate market. Based on the home affordability index, the Fort Lauderdale homes for sale were not as affordable then as they are now. The home affordability index went from about 72% in 2007 to approximately 162% in 2011. First time home buyers now have the opportunity to buy more house for the dollar with very low interest rates.
Even though Fort Lauderdale unemployment rates are holding steady around 9% right now, income rates are expected to rise in 2012. Employment rates are also expected to improve in the Miami and Fort Lauderdale areas to expansion plans in the Miami area. This is good news for the Fort Lauderdale real estate market at a time when the Fort Lauderdale homes for sale are more affordable than they have been in over a decade.
Investors are taking advantage of the low interest rates, affordable housing, and excellent rental market by investing in the distressed housing market. These homes currently comprise the majority of Fort Lauderdale homes for sale, and they are sell the fastest these days. The same statistics apply to the many Fort Lauderdale condos for sale on the market, with waterfront condos in Fort Lauderdale depreciating less than other condo buildings.
Overall, the housing market is expected to hold steady in 2012. The distressed housing market dominates most of the sales activity within the Fort Lauderdale homes for sale. With income rates expected to rise along with possible improvements in the unemployment rates in the area, it is possible that the Fort Lauderdale real estate market could see some improvement. At the very least, real estate investors and first time home buyers will continue to benefit from the affordable home prices and low interest rates while the market continues to recover.
We dont know about you, but this is pretty good news to us. Wed rather see an authentic, steady, and lasting improvement in the Fort Lauderdale real estate market than a fast, false, significant improvement that no one can trust. Hopefully, this article will give you some insight regarding the Fort Lauderdale real estate market for 2012. You can also read our article on the reasons that we will not see the Fort Lauderdale housing market drop by 10% here.
About the Author: Mike Benton is a real estate professional specializing in short sale and foreclosure properties in the greater Fort Lauderdale area. He has over a decade of real estate experience with short sales and foreclosure properties. Learn more or find the best
Fort Lauderdale homes for sale
at
FortLauderdaleForeclosures.org
.
Source:
isnare.com
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