MIAMI - Homes are flying off the real estate market in just days in South Florida.
Realtor Jeff Mager with Elite Coastal Properties said he sold a home in Hollywood that was on the market for only four days.
"They updated everything from the tile to the granite countertops," said Mager. "While I am sitting there with the buyer, we have had three inquires from buyers that want to buy the house."
Mager said the seller is often in the driver's seat, and buyers must be ready to make concessions.
"If it doesn't appraise, you see the buyers come up with more cash. If there is an issue with the inspection, the seller is not held to it," said Mager.
Both home sales and prices have been rising steadily. In November in Miami-Dade County, sales were up 23 percent compared to last year, where the median home price has increased for 12 straight months. In Broward, sales were up 22 percent compared to 2011.
The inventory of single-family homes is decreasing as investors pool their money, buy homes, and then rent them out, say realtors.
"The inventory is down drastically. Active buyers are ready to buy right now and we can't get them into houses because they are just not available," said Mager.
Andre Shambley with Real Living Realty said she was involving in a bidding war as she got her client into a brand new $240,000 home.
"There was an offer. We made our offer a little bit higher and a little bit stronger and that is how she was able to get in on this property," said Shambley, adding that new home construction is making a comeback.
"Realtors now a days, if a buyer is not pre-approved, a realtor is not even going out and showing them properties," said Shambley. "If you price your house to sell, you will sell that home within 7 to 10 days. I guarantee you."
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