FORT LAUDERDALE, Florida – March 24, 2022 —
When the pandemic first hit and the real estate market suddenly boomed, many people decided to postpone their planned purchase of a home. They opted to remain in rentals and apartments with the hope that housing prices would once again tumble to a reasonable level. Andrew Shader explains why many individuals in the South Florida real estate market are now regretting their decision to sit on the sidelines.
More than a year and a half later, prices for homes continue to rise, and there are fewer and fewer available homes on the market. As a result, prospective home buyers are now in a terrible bind. They want to purchase real estate so that they can start building equity in a property, but they are now wondering whether they may be priced out of the South Florida real estate market.
What caused the home prices to soar, resulting in this unfortunate situation for prospective buyers? Andrew Shader explains that it was the result of demand from out-of-state buyers who wanted to move to the South Florida area. There were fewer properties, as many people decided to stay put in the uncertainty of the pandemic.
As a result, many buyers found themselves in a predicament. It quickly became a seller’s market, with buyers being asked to pay more than the asking price and getting into intense bidding wars over properties. Those who sat on the sidelines have found themselves in this same situation, even all of these months later.
Buyers thought they were making a wise move by waiting for house prices to fall, but many regret it. They now have to pay more than they would have just two years ago. It isn’t uncommon for buyers to get involved in multiple bidding wars, substantially raising the home’s asking price.
There seems to be no end in sight to the low inventory and high selling prices found in the South Florida market. If they want to buy now, they are almost sure to pay more than they would have at the beginning of the pandemic.
Waiting it out seems to be a pointless effort as more people are finding themselves priced out of the South Florida market. Buyers may want to start shopping to prevent themselves from being priced out of the market entirely or reconsider their timeline for investing in new real estate properties.
About Andrew Shader
Andrew Shader is a real estate investor, developer, and entrepreneur based out of Fort Lauderdale. Shader started as an entrepreneur in the insurance industry before discovering his real estate passion: finding scalability in any vertical. Andrew’s real estate strategy specializes in finding value-added properties and increasing their property value by upwards of 60% — without needing to rely on future appreciation.
Release ID: 89071879
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