Florida Inv | Jean Deglon
Home sellers to stay in control in 2017, Zillow says

Home sellers to stay in control in 2017, Zillow says

Home sellers will continue to enjoy negotiating power in the tug-of-war with buyers, though higher interest rates and slower rent growth eventually will lead to more of a balanced market, 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 a month.

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.

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