With interest rates beginning to climb we are now seeing a reduction in inventory levels and an increase of multiple offers on properties.  You may ask why is this important?  It means that buyers are beginning to recognize that even if prices were to decline a small percentage over the next few months, their monthly mortgage payments could increase -which in turn means they can afford less when selecting their new home.  I just completed my monthly market update for selected areas of the county.  Go to my newsletter to read the local market conditions on www.FergusonMovesRealty.com  or send me an email for a specific neighborhood and I will be happy to provide a free analysis.  From what I am seeing it is occuring mostly around West Miami and North Miami.  However, I've had a couple of multiple offer situations on South Beach. Is anyone else experiencing multiple offers?

According to NuWire Investor, Miami is named #6 in the Top 10 places to buy vacation rental homes in the United States. We all know the combination of sun, sand, and ocean create the perfect location for a second home or investment property; especially if it is on Miami Beach.  I read that in 2007 we posted record numbers for tourism in Miami-Dade County and are up by 3.3% over 2006 and I am seeing an increase of buyers for second home or investment purposes for condos that are either beach or bay front - 2  to 3 bedroom units.  Is anyone else seeing an increase in a particular area of the county for second homes?

Check out this story regarding our current real estate market and let me know your thoughts. 

The Truth Behind Florida's Housing Numbers
May 28, 2008 5:59 p.m.

Miami, Fla. --Take the latest data on the housing market crash with a huge dose of salt.

I have just finished a week-long tour of the real estate market down here, one of the worst hit parts of the country. And one of the few things I can say with complete certainty is that nobody down there knows where "the market" overall really is. In a crash like this one, talk about "average" home prices is almost meaningless.

But if you have wanted a vacation or retirement home in Florida and you have been waiting for prices to come down, this really is the time to start looking.