Recently, Fort Lauderdale has seen a significant boost in home equity making it one of the hottest (pun intended) markets in Florida. If you are looking to buy, sell, or rent during this peak market time, Mayfair Property Management, LLC is here to ensure your success.
The value of homes in Fort Lauderdale has seen a great increase since they took a big dip in 2011. The rate of delinquent mortgages where the buyer has failed to make payments as agreed upon in loan documents has dropped by over 12% in the last few years and is lower than the Miami and West Palm Beach area. This can be attributed to the increase in property values, saving many homeowners from drowning in debt.
Nonetheless, homeowners in South Florida by in large owe more than their homes are currently valued as compared to the national average. Still, things are looking up and heading in the right direction especially in the Fort Lauderdale market which has a very positive future due to increased home sales in the last three years.
In the past year, Fort Lauderdale home values have gone up by 6.7% and are predicted to continue to rise. Now, is a great time to look into contacting a property management company. Our experts at Mayfair will help you take advantage of this opportune time in real estate.
In Fort Lauderdale, the current median home price is $309,500 according to Zillow. Many may be surprised to know that this is the same as Miami and is actually beginning to surpass the Miami-Fort Lauderdale-West Palm Beach Metro average. Homes in Fort Lauderdale have appreciated 7.6% over the last year. This is 3% higher than the national average!
Houses in the South Florida region have appreciated 44.9% in the last three years. This is nearly double the national average of 25.8%. Fort Lauderdale has emerged triumphantly from the post-recession price weakness due to these impressive gains from the last few years.
If you were fortunate enough to have bought in the last three years, you have experienced the most substantial gains in the equity of your property. The national average equity increase is $92,099. In that same period of time, Fort Lauderdale property owners increased in their equity nearly $40,000 more than the rest of the country.
The job market is still a hindrance in boosting the housing market because of the unemployment rate. The Fort Lauderdale unemployment rate is 6.3%, which is still below the national average. Things are looking up though because we have seen the unemployment rate trending in a positive direction.
We can expect to see an increase in employment as experts have predicted that the job market will increase by 3% in the next year. Growth in the job market will continue to drive supply and demand and thus, maintain the forward momentum in the housing market.