I went for a listing appointment yesterday. Nothing unusual, however, it was a condo in midtown Miami. I had sold one in this particular building about 6 months ago, to an international Buyer for all cash. This prospective Seller went online and found me and the unit I had sold. He then contacted me to speak with me about selling his unit. He had purchased his unit a little over a year ago and with the comparable sales in the building, he will almost double his money, of course if the unit sells for close to the list price. Almost all the comparables were only on the market for no more than 2-3 months if that long. So the market is doing well, but I have concerns for next year. We have such a large deficit and in order to reduce it, the legislature will be looking at mortgage interest deduction, maybe not to eliminate it but to cap it or reduce it. What effect will that have on our market? It is already difficult to get conventional financing, forget FHA or VA, unless your credit scores are sky high. So as we look to next year, we need to keep an eye on our legislature and our marketplace and always be vigilant for the calls to action as our market may not be as active next year as it has been this year.
So let’s be extra good to each other….Let’s be Realtors!