This is the first buyer's market South Florida has experienced in more than a decade. This means many options if you are looking for a new home. Also, mortgage rates on conforming loans are at near historic lows.

South Florida is a great place to live, work and play. Its reputation as a top international destination, great year-round weather and multicultural environment explain why the region attracts all types of buyers. This contributes to a strong local economy and job market. Unemployment rates in South Florida continue to be well below the national average.

Population growth
"The population in Florida is growing twice as fast as the U.S.  By 2040, the number of people living in Florida will have doubled.", said National Association of Realtors (NAR) senior economist Lawrence Yun. "Migration trends in the U.S. favor states with warm weather and low taxes like Florida."

Top market for international, vacation and second-home buyers
According to Yun, South Florida real estate will be in demand long into the future, primarily due to the influx of international, vacation and second-home buyers... and migration from other U.S. markets.

Retiring baby boomers
Over the next 10 years, approximately 78 million baby boomers will retire. A significant number of baby boomers are expected to purchase property in South Florida, futher fueling demand for local real estate.

Median sales price continues to rise
Since the 1990s, home prices in Florida, particularly in Miami, have steadily increased, as demand fueled by U.S. migration and international and second-home buyers resulted in the recent five-year real estate boom. Home price growth in the U.S. since 1997 is 74 percent; in Miami price growth for the same period is 203 percent. "In 1990, Miami home prices were below the national average, but in 2006 prices in Miami (metropolitan statistical area) were almost twice the national average, according to NAR data." said Yun.

Now really is a good time to buy

• Wealth building - Nationally, home appreciation has historically rise 5 to 6 percent annually. This means home values on average double every 13 years. Home ownership is the foundation for financial security. Buying a home is an opportunity to build household wealth.
• Big tax breaks - Not only will buyers build equity, but they'll be able to deduct mortgage interest and property taxes.
• Leverage - Buyers will earn appreciation and net worth on the total value of their property, not just the down payment. If buyers were to put $40,000 in stocks that appreciate 10 percent over time, they would earn $400. But if they put a $40,000 down payment on a $200,000 residence, and it appreciates 10 percent, they have earned $20,000, a 50 percent return on their investment.
• Choices - Buyers can choose from a variety of properties and price ranges without having to make compromises to get the home they want.
• No bidding wars - There is little competitive bidding in this buyer's market.
• Can make an offer - Now buyers can make an offer below asking price without insulting the seller. Negotiations of price and terms are now available.