South Florida home prices unlikely to decline
Florida property management believe that the likelihood that South Florida homes will depreciate is narrow. Reports from Arch Mortgage Insurance Co. show that in a span of 3 years, the chances that Palm Beach County homes will have lower market values is only 3%. Both Broward and Miami-Dade counties as well as 22 other areas located in Florida have a 2% chance of price depreciation.
The Arch risk index evaluates the average home prices from the Federal Housing Finance, the regional unemployment rates, affordability, population as well as the housing starts and delinquent mortgages. Arch chief economist Ralph DeFranco believe that the time is right for buyers to lock in deals while the interest rates are low.
Brad Hunter, the chief economist for Metrostudy research firm in Palm Beach County maintain that the South Florida housing market is strong. South Florida homes will continue to appreciate at a slower pace and the chances of home values plummeting is low.
Although most housing forecasts are good there are some notable concerns. Freddie Mac Mortgage Company say that affordability is starting to become a concern in South Florida because wages are not at par with home prices. Home values in Palm Beach County are overvalued by 5%-10%, Broward county homes are overvalued by 10%-15% and Miami-Dade county homes are overpriced by 15%-20%.
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