Current trends in real estate make it a buyers market, rather than a sellers market. In just the last several months, the market has slowed enough that sellers are lowering their prices. For those considering relocation to the Miami area, now is the perfect time.
Pre-construction sales were high for several condo projects. Now, however; many of those that were such hot picks are now available. The reason is that investors purchased many of them, hoping for a double-digit increase in value, as was projected. Recent slowdowns are prompting them now to sell, and there are more on the market than buyers to buy, which is the best time for those looking to move to the area, or investors not looking for short-term investment appreciation in prices. Miami-Dade county sales dropped 38 percent in the last quarter of 2005 from 2004. Prices, however, had increased by 29 percent, with the median price for Miami-Dade being $375,900.
The Miami area continues to be a thriving area as far as business and economy. The slowdown seems to be nationwide in the real estate market, not just here in Miami.
Mortgage rates are expected steadily to increase, so now is the perfect time for those considering a move to the sunshine state. Asking prices are down, and availability is almost triple what it was a year ago.
All the reasons people want to live in Miami still apply. Its a great area for business, so employment isnt an issue. It has a large financial market. Thousands of people relocate to Florida each year. Of course, weather plays a part in that. So, tourism dollars bring money to the state as well.
This area will appreciate over time, with the expected growth. Pricing in the Miami area is lower than in other markets, such as LA, New York, or Chicago. This makes Miami attractive to buyers. Economists at Fiserv Case Shiller Weiss predict that the Miami market is going to sizzle, while west-coast markets such as LA will fizzle. There is reason to trust their predictions, as they have a great success rate, with only a 2 percent error rate. They forecast Miami to go up 13 percent between 2005 through the first quarter of 2006, making the Miami market one certainly on the rise.
While Miami isnt currently the hot seat for the quick turn around investor, its still a good bet for those looking at longer-term investments. Recent trends, with the current slowdowns, make the time right to buy.
The current slowdown isnt something that hasnt been seen in the past, even here in Miami. Those investors that want a long-term investment still cant go wrong in Miami.
In such a popular area as Miami there will naturally be a shortage of suitable lots for new condo developments, and the Miami condo market is now stretching into older neighborhoods and has reached the suburbs. Downtown Miami has seen a lot of new development recently. Further expansion down Miami Beach is another extremely lucrative business for Miami Real Estate developers. Many of the condos are sold in pre-construction, with prices going up within a few months of purchase, making it very lucrative for the seller. This had short-term investors standing in line buying them, now, they are trying to unload quickly, and that can only be a good thing for the buyer.
Troy McKirk
Miami Real Estate Agent
Real estate expert in South Florida area with 7 years experience.
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