Sunny Isles Beach, FL, January 10, 2014 --(PR.com
)-- A study recently conducted by Amity Realty reveals that 2013 has been a favorable year for real estate rebound in South Florida due to several positive trends such as high volume of home and property sales, increasing home values, low mortgage rates, decrease in foreclosure activities as well as the improvement of the job market and overall economy.
This trend line toward a real estate market recovery promises to continue throughout 2014. Economists from Florida Association of Realtors forecast a 10 percent increase in residential sales. South Florida is one of the top destinations for local and international buyers who are not only attracted to Florida’s sunny weather but also ideal investment opportunities. This trending real estate demand in Florida’s market contributes to the overall economic prosperity of the Sunshine State.
A lower volume of existing homes available for sale combined with high demand for housing are contributing to the home prices increase. Home values are likely to rise by 5 percent this year. In fact, prices have been rising for the past year and a half and have increased more than 20 percent in some hot spots according to Amity Realty data. The commercial market, in turn, continues its modest recovery in the same direction.
As home prices go up, specialists of Amity Realty expect mortgage rates to gradually rise up to perhaps 5 – 5.5 percent towards the end of the year. However, mortgage rates in the 5 percent range are still very low and since the economy is steadily improving should remain relatively affordable.
Residential foreclosure rates are also predicted to fade and therefore play a less significant role in the real estate market in 2014. In fact, foreclosure rates in 2013 were reported to have declined by 39 percent when compared to the previous year. This is the lowest level since the second quarter of 2006.
To learn more about real estate trends contact Amity Realty at 786-220-2512 or by email: firstname.lastname@example.org
About Amity Realty: Amity Realty is an international network of real estate professionals in US and Europe with extensive experience in delivering unparalleled real estate service to a discerning clientele. Amity Realty in Sunny Isles Beach consists of passionate team of real estate professionals specializing in luxury waterfront residential and commercial properties in South Florida. For more information or to inquire about properties visit Amity Realty online at www.amityrealtyusa.com or contact at email@example.com