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Right now, the Miami real estate market is a total dream for sellers. Prices are steadily increasing, and a lot of times houses are selling for above asking. In Miami-Dade county, single-family prices rose by 21.6% compared to this time last year. As for condos, prices rose by 17%. In addition, supply for single-family homes is low. Therefore, there is a lot of competition amongst buyers. As for condos, there is more supply to meet demand. However, right now is definitely a seller’s market.
Although prices are increasing, the market remains healthy. Even though interest rates have been a huge incentive for buyers in the past year, the credit market has remained disciplined. When the housing market crashed in 2008, lenders were giving out loans more carelessly. However, right now lenders are being careful and calculated and not allowing buyers to borrow something they can’t handle. As lower interest rates continue to be an incentive for buyers, the market is likely to remain hot.
Source: https://miami.cbslocal.com/2021/05/24/south-florida-red-hot-housing-market/
Interested in learning more about the real estate market in Miami?
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in South Florida, we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. If you have been looking to sell your home, right now might be the perfect time. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).
