Home buyers awaiting the traditional spring selling season this year may be in for disappointment, the Sun-Sentinel reported.
March, April, May and June are usually the most active months for real estate sales. Families will put their homes on the market around this time with hopes of getting settled into a new place by the next school year.
However, according to local Realtor boards, the inventory of available homes remains down in Palm Beach, Broward, and Miami-Dade counties from a year ago—and analysts say it’s not likely to improve dramatically anytime soon.
Some homeowners are holding off on selling while they wait for prices to continue rising. Still others are underwater on their mortgages and can’t afford to sell.
Real estate website Zillow.com says more people will be able to list their properties when rising home values raise them out of negative equity.
The current real estate market is especially problematic for first-time home buyers.
Fort Lauderdale real estate agent Amanda Wilson, of EWM Realty International’s Las Olas office, says sellers have so much leverage that some will only accept cash offers or deals that aren’t subject to appraisals−and that makes it especially difficult for first-time buyers to compete.
“I think inventory is crucial to continuing our market recovery,” Wilson said.
Source: South Florida Sun-Sentinel