Condos, apartments and single family homes: Demand for every kind of housing in South Florida has been soaring, but some experts see signs of a shift.<\/p>\n\n\n\n

Last month, property sales in Miami-Dade, Broward and Palm Beach counties dropped compared to July 2020.<\/p>\n\n\n\n

\u201cI see that there\u2019s a correction coming. The question is, is it going to be a correction like what we saw in \u201808 where there\u2019s a bubble that just deflates, or is it going to be something that\u2019s a bit more gradual?\u201d said Weston real estate attorney Roy Oppenheim.<\/p>\n\n\n\n

Dr. Ken Johnson, a real estate economist with Florida Atlantic University\u2019s College of Business, said we may be at the peak of a current housing cycle, but he believes we\u2019re far from the crash of 2006 because demand still outpaces supply.<\/p>\n\n\n\n

\u201cSo our inventory shortage is a problem we\u2019re not going to solve in the next year or two. It\u2019s going to take a while to catch up,\u201d Johnson said.<\/p>\n\n\n\n

While there are signs that interest rates may start to tick up, Johnson doesn\u2019t think the increase would be enough to cause a major correction in pricing.<\/p>\n\n\n\n

\u201cWe think we\u2019re going to have a real estate event and this time it will be, we think, it\u2019ll be more like 1989 where prices will go flat for some number of years and will catch back up,\u201d he said.<\/p>\n\n\n\n

Oppenheim is concerned about an potential increase in foreclosures as lenders lift pandemic prompted moratoriums on mortgages<\/p>\n\n\n\n

\u201cThe foreclosure mills, the people that brought you foreclosure fraud 10 years ago, are ramping back up as we speak,\u201d he said.<\/p>\n\n\n\n

But Johnson said people won\u2019t simply walk away from their homes this time around.<\/p>\n\n\n\n

\u201cIn the last year, they might have stopped or slowed their mortgage payments, but the value of their home has gone up so dramatically, they\u2019re not walking on the value of that home. They\u2019ll sell it,\u201d he said.<\/p>\n\n\n\n

As long as Florida remains a tax friendly place to live, for individuals and businesses, market experts believe demand to live here will remain strong.<\/p>\n","protected":false},"excerpt":{"rendered":"

Condos, apartments and single family homes: Demand for every kind of housing in South Florida has been soaring, but some experts see signs of a shift. Last month, property sales in Miami-Dade, Broward and Palm Beach counties dropped compared to July 2020. \u201cI see that there\u2019s a correction coming. The question is, is it going […]<\/p>\n","protected":false},"author":3,"featured_media":2763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-market"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/posts\/3602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/comments?post=3602"}],"version-history":[{"count":0,"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/posts\/3602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/media\/2763"}],"wp:attachment":[{"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/media?parent=3602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/categories?post=3602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/housingmarketads.com\/id\/wp-json\/wp\/v2\/tags?post=3602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}