I would always suggest buying if your client is going to be in the area for at least five (5) years.
Facts and Trends: For those three particular areas, we have about 36 months of supply (all property types), and we have had about a 10% increase in inventory and a decrease in sales of 39%.
However, our population is slated to keep growing since people gravitate to coastal areas. According to our company president, Ron Shuffield, 193,000 peopled moved to Florida last year, which is an indicator that we will weather any shake-up in the real estate arena. The Broward School District in the fifth largest in the nation.
If renters are not careful, they may miss great buying opportunities because the home they are renting may increase in value while they are a tenant, and the increase in rent may outweight what they would eventually be paying to enjoy the full benefits of homeownership.
Recently, we have voted to put on our ballot for November to decrease our property taxes, therefore, making buying real estate much more palatable than renting.
Please contact me for any further information regarding South Florida and our market trends. Should you desire to check out market trends, a "consumer" version is on our company website: http://www.ewm.com/trendx. Here you and your client will be able to compare various municipalities in our area.
I find that the market in West Fort Lauderdale is definately stronger than the east side right now, I am not a realtor but I do own a mortgage comapny and we are busy, very busy. However most of our deals are for homes being purchased in Weston, Davie and Pembroke Pines. I find that Weston has the best schools in the area and seems to have the best retention of value. However keep in mind that like everywhere else even weston has taken som esignificant hits to prices. As everyone has mentioned to you there are tremendous buying opportunities in this area, especially if they are looking to relocate for an extended period of time. Fel free to call me or email me and I woudl be happy to give you my thoughts on the area.
If your friend would like to discuss her situation, we'd be delighted to help!
Best wishes from sunny South Florida in Pembroke Pines,
My agent partners in Ft Lauderdale tell me things are real slow there. Slow can be a relative term so track down an agent for yourself in that area that knows how to collect up to date statistics and see if you can get a more direct answer. - JD
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