The heat wave continues.
As we all know in the real estate world predicting the absolute best time to buy or sell is not quite that easy… If only we had that magic crystal ball! We may not have the crystal ball at our disposal, but we do have market data that we can compile to determine cyclical patterns.
Battered by one of its worst metaphoric storms—that of the plunging economy—Florida has struggled. The Sunshine State has been on national top ten lists of declining property values and foreclosures for months, if not years. But finally, with happier statistics in places like Miami and Orlando, we’re seeing sunny skies return to Florida real estate.
Real estate experts have noticed that tech booms link up nicely with property value booms, particularly in neighborhoods that give easy access to the offices where these start-up companies are flourishing. San Francisco made news this year for this phenomenon. Now it’s LA’s turn.
In May of 2012, the rather battered Chicago real estate market continued to record an increase in month-over-month home sales. In fact, the metro posted over an over 12% increase from April and an over 13% increase from May of 2011 in homes sold.
The state of American real estate is, right now, basically an entirely new state. The conditions making this market are so extremely opposite, and have such opposing ramifications, experts find themselves without firm precedence to make predictions.