MIAMI GARDENS (CBSMiami) – Home prices continue to rise in South Florida, and the trend has left many homebuyers in bidding wars or unable to find properties.
“I have been looking for a house for about two years, it has been a very difficult and rather arduous process,” said Alexander Shepard, a resident of South Florida.
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Shepard adds that despite saving thousands of people and having great credit, his dream of owning a home was virtually unachievable.
“A house can be on and off the market in three or four days, sometimes two days. So before I can even get the papers signed, I’m told the house is no longer on the market, ”Shepard said.
According to Realtor.com, total Miami-Dade County home sales jumped 142% from the same period last year. In addition to homes sold in record time, realtor Brittney Woods says many properties are also selling well above the listing price.
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“You probably won’t even get a contract at the asking price because people are bidding now. So let’s say we have a two bedroom condo that’s listed at 100, but the highest bid they got was 150, they’ll probably go for that 150, “said real estate agent Brittney Woods. .
Woods says many of these offers are cash offers made by investors, giving buyers the flexibility to ask for whatever price they want. And she adds that North Dade and South Broward are part of zip codes where, for example, homes that sold for less than $ 200,000 have seen their prices jump from $ 50,000 to $ 100,000 over the past year.
“The real estate market at the moment, as everyone knows, is a sellers’ market. Maybe the last year and a half, it has been difficult for most buyers to break into the market – one of our stocks is very low. And Miami Gardens is one of those hot spots – 33056, 33169, 33179, ”Woods said.
As for Shepard, he says despite the obstacles that he is not giving up on his dream of owning a home.
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“The more I save, the more I earn, the market slows down a bit, so the options are just slim, but there’s no reason to stop,” Shepard added.