Distressed sales, which were commonplace over the past few years following the recession, reduced 
drastically during 2014 and fell to their lowest level in eight years. Distressed sales refer to fast, not very profitable sales resulting from a foreclosure or other pressing financial emergency that prevents the owner of the property from being able to afford it anymore. These types of sales are typically evidence of a struggling economy and a slumping real estate market, so this recent turn around indicates the renewed health of the market and predicts even more future growth.
During the course of 2014, distressed sales accounted for less than 13 percent of the total residential real estate deals nationwide, which was a 17 percent decrease from the recorded amount during 2013. The volume of distressed sales peaked in 2011 when they made up 33 percent of all transactions, so the dramatic reduction since then illustrates the widespread turnaround of the economy and the current vitality of the market. More quality homes are being sold at reasonable prices, and fewer foreclosures mean that new inventory can expand so as to fill the void. This reduction in distressed sales facilitates the development of new properties and contributes to the overall health of the real estate market.
This recent report predicts bright times ahead for both buyers and sellers, so why not be smart with your money and invest in real estate? The economy is on the rebound and now is the time to capitalize on that commercial or residential property you have been considering, and South Florida is the perfect place to do it. With white sand beaches, world-class entertainment and sunshine all year round, South Florida is an ideal location for both relaxation and commercial expansion. Contact a RE/MAX agent today to find out about all of the amazing properties that are on the market today!