Is it still a buyer’s market today in Miami? As real estate market experts in Miami, many of our clients ask us this question.
There is increasing demand in the market for specific regions. Well priced, single-family homes in great locations have been selling exceptionally well. But, some areas seem almost like “ghost towns” and generate little to no interest at all!
What Are Buyers Looking For?
Certain features stand out no matter what – good schools, good neighborhoods, transportation links, shopping, close to work, and so on. Properties with all these features are guaranteed to do well on the market! As such, sellers with highly sought-after properties are essentially controlling the market.
But when it comes to condos and townhouses – especially apartments sporting quirky features, or homes a little more out the way than desired – the situation can be unpredictable. The market was weak in some regions of Miami, with prices being down, yet we can see gradual improvement within the area. As the rental market increases, prices are now rebounding.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the North Bay Village market in unique ways.
These buyers have been picking up all the good deals with many sellers trying out speculative prices to see if anyone bites. However, most investors will still walk away from deals that are not financially profitable.
Financing is continuing to be a major obstacle for buyers. Banks are making things more difficult at every turn. By asking for larger deposits and even changing the terms at the last minute, their incredibly strict nature is taking its toll on buyers. Although it is getting better than it was a couple of years ago, it’s still not uncommon for approved buyers to get their loans pulled right before closing escrow.
Overall the markets remain incredibly polarized. There is a lot of action at either end, but the most significant challenges remain in the middle.
Have we confused you?
Don’t worry. We Can Help!
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We believe in the community and the people in Miami, therefore, we are investing in that area. If you’re thinking, “I want to sell my house in Miami,” get in touch. We can help you.
Alternatively, you can call our office at (305) 916-3328. A member of our team would love to speak with you.
Or, click here to fill out our short form. We’ll get back to you as soon as possible with a fast, fair ALL-CASH offer on your home.
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