Fort Lauderdale has long been a popular destination for snowbirds and retirees looking to escape the cold winters. But in recent years, Fort Lauderdale has experienced a real estate boom driven by millennial buyers, foreign investors, and the city’s continued growth and development. For buyers looking to purchase real estate in Fort Lauderdale, here’s what Fort Lauderdale realtors want you to know about navigating this booming market.
A Competitive market for buyers
The real estate market in Fort Lauderdale is extremely competitive right now. Homes are selling rapidly, often with multiple offers well above asking price. Buyers need to be prepared to act quickly on a property they are interested in and should consider making an offer as soon as possible after viewing a home. Coming in with a strong offer at or above the asking price gives buyers the best chance in such a competitive environment. Being pre-approved for a mortgage shows sellers you are a serious, qualified buyer and gives your offer more weight.
Along with high competition, Fort Lauderdale has a limited inventory of homes for sale. Combined with the demand from buyers, this has led to bidding wars and homes selling fast. As a buyer, you must be ready to view homes when they hit the market. Working with an experienced real estate agent who can provide alerts about new listings is key. You may also need to compromise on certain features or amenities if your perfect home is hard to find. Expanding your search area in Fort Lauderdale can open up more options.
Fort Lauderdale neighborhoods are evolving as the city grows. Flagler Village, the Central Beach area, and downtown have seen an influx of modern new condos, restaurants, and entertainment options. These urban neighborhoods are appealing to young professionals and families. Established neighborhoods like Coral Ridge and Harbor Beach remain sought-after for their water views and homes. Consider the vibe, amenities, and lifestyle you want when choosing locations.
Given Fort Lauderdale’s beachside location and extensive canal system, waterfront homes are highly desirable. From luxury multimillion-dollar homes to more affordable condos, proximity to the ocean or Intracoastal Waterway comes at a premium. Be prepared for limited options and high prices if a water view or access is on your wish list. Homes off the water generally offer more value in Fort Lauderdale.
Fort Lauderdale realtors: New construction
With Fort Lauderdale’s growth, new construction is booming in single-family homes and condo buildings. Newly built homes tend to have modern designs and amenities that many buyers seek. Though pricing reaches the high end of the market, new construction may better meet a buyer’s needs. Work with a knowledgeable agent to identify new developments that match your preferences. Expect long wait times in many new buildings.
Moving to Fort Lauderdale: Home Investment
Fort Lauderdale real estate has proven to be a smart investment for many buyers. Home values continue rising, making properties purchased at today’s rates a strong asset for the future. Local and foreign investors have targeted Fort Lauderdale’s market amid expectations of continued home appreciation. Even luxury purchases are likely to pay off in the long run. An experienced local real estate specialist is a trusted ally for successfully buying in Fort Lauderdale.