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Housing market in South Florida ripe for the picking

'Right now 50% of my buyers are actually out of state buyers,' Realtor says
Posted at 10:05 PM, Sep 15, 2020
and last updated 2020-09-15 23:57:25-04

BOCA RATON, Fla.  — Edith Landi and her husband decided to downsize to a smaller home once their kids grew up and moved out. She said the market is hot, even in a time of uncertainty.

"'Sorry, pending. Sorry, under contract. Got a contract an hour ago.' We could be on the road and, 'Sorry, can't see it. Offer was just accepted,'" she said.

In her experience, Edith said if you didn't put in an offer within 48 hours the house was gone.

"Being in a pandemic has brought the interest rates down and actually made things easier for people," she said.

Juan Acevedo is a Realtor. He said Boca Raton is an example of a surging market. Acevedo found single-family homes under $500,000 a hot commodity.

"Those homes in seven days, 42 were under contract, and the first 10 days 53 % were under contract, so those homes are just flying," he said.

Acevedo said half of who's buying may surprise you.

"Right now, 50% of my buyers are actually out of state buyers I'm dealing with," he said.

Ken H. Johnson is a real estate expert at Florida Atlantic University. When the pandemic started, he said, most real estate experts forecasted gloom and doom.

"Those people who are 30-40 are really going out and buying homes at a pace that they haven't been in the past because they have less worry or fear overexposure to COVID-19," he said.

He said low-interest rates are driving much of what you see now.

"When will this slow down? When rates move up, when will rates move? That's hard to say," he said.

Acevedo said if you're looking to buy, first make sure you are preapproved. And if you see a house you like, you may not want to wait to put in a bid.