A recent analysis of more than 380 housing markets in the U.S. suggests the storm is over and recovery is in play. The recent run-up in home prices, the biggest in seven years, offers some relief from this dreary picture.
The housing recovery’s benefit extend beyond owners. The housing industry drives a significant portion of the nation’s economy, accounting for millions of jobs. Overall, residential construction and upkeep generates between 15% and 18% of GDP. The U.S. luxury home market is being driven to new heights by relatively low prices, low interest rates and a more stable economy than in many countries.
Miami Housing Market: a Decade of Boom, Bust and Recovery
As the cost of borrowing dropped, so did the cost of the American Dream. Falling mortgage rates fueled a new residential real estate boom across the country. Millions of buyers has flooded the market, purchasing condos, townhouses, and single-family homes they previously might not have been able to afford. The U.S. home-buying reality now has been marked by a frenzy of demand fueled by the Federal Reserve’s drive to push down borrowing costs, a scarcity of listings and Wall Street’s new appetite for foreclosed homes.
If you’ve been thinking about taking the plunge and buying a home, this might just be the right time to do it. Rates on fixed-rate loans are still appealing, and experts say it’s still cheaper to buy than renting. Some financial institutions are also a little more lax with their loan qualification requirements this year.
The booming Miami housing market
Miami luxury real estate broker Chris Leavitt and FBN’s Neil Cavuto on the state of the housing market. Watch Neil Cavuto talk about Housing, Interest Rates, and Real Estate on Cavuto.
To find many valuable tips about the most suggested neighborhoods in Miami, contact Chris Leavitt, a Real Estate agent with a broad range of experience.
20 years in luxury Real Estate
Chris Leavitt is one of the top brokers at Douglas Elliman, the largest real estate company on the East Coast. As a teenager growing up in Boston, Chris became interested in the real estate industry when helping his parents select and purchase investment properties in Boston, New York City, and Palm Beach. He even held an internship at the young age of 17 for one of the most acclaimed real estate agencies in Palm Beach. Now with nearly 20 years in luxury real estate, Chris consistently proves to be an exemplary broker and boasts an impressive record of success in both the South Florida and New York City markets. In 2013 alone, Chris sold in excess of $120 million dollars in real estate. Recently, he represented the sale of a triplex penthouse in Miami Beach which sold for $34 million — the largest condominium sale in the history of Florida and the highest-priced dollar per square foot for an individual condominium. This record sale is one of the many milestones in Chris’s career, but he’s not ready to rest on his laurels just yet. He continues to look for ways to bring his particular brand of east coast sophistication to the booming South Florida market. Chris’ industry accolades and broad range of experience has included his role as Director of Sales for several well-established new developments in New York and South Florida, which he sold out in record time.
Read a Real Estate Overview for Miami Housing Market: a Decade of Boom, Bust and Recovery. Miami Housing Market Suggestions and Advices and Quick Facts Too.