Home sellers will continue to enjoy negotiating power next year, though higher interest rates and slower rent growth eventually will lead to more of a balanced market that favors buyers, according to real estate website Zillow.com.
Home and condominium values across South Florida rose 9 percent in October from a year ago to a median $243,800, Zillow said in a report released Tuesday. Rents for homes, condos and apartments in the tricounty region also were up, rising 4 percent from last year to $1,881.
Prices have escalated since 2012, when investors entered the market searching for bargains. More recently, a shortage of homes for sale has kept prices on the upswing, though South Florida buyers are gradually seeing more properties to choose from, Zillow said.
"I think it's fair to say that through 2017, it will stay a sellers' market," said Aaron Terrazas, a senior economist at Seattle-based Zillow.