A lot of people may be hearing that Miami is turning into a seller’s market when it comes to real estate. Of course, after the recent troubles in the housing market it would be perfectly understandable if a person who was interested in selling their home was somewhat hesitant to put it on the market until they were sure they could get a competitive price for it. This means that the question many sellers find themselves asking is whether now really is the best time to list their home.
There are a number of factors that have dramatically changed the real estate market in Miami, but the one that has perhaps made the biggest impact is the fact that there are fewer homes for sale now than there were just a short time ago.
Although foreclosures skyrocketed in Miami, and throughout the rest of the country, many of those homes are no longer available, which has caused a substantial reduction in the overall number of properties for sale. This low inventory means that buyers have fewer houses to choose from, which puts sellers in a better position. Another benefit to the lower inventory is that agents are better able to give their attention to the properties that are currently listed. Rather than having a huge selection of different homes to show potential buyers, agents are able to focus on the few that are available. What this means for a seller is that they can reasonably expect to get a number of offers on their home within just a few days of putting it on the market.
No one wants to sell their home for less than it is worth. Homeowners who have been waiting for the perfect opportunity to put their house on the market will find that today is better than any time in the last couple of years. The low inventory and excellent mortgage interest rates that are available mean that buyers interested in investing in Miami property are taking a good, hard look at what is available right now.
A seller who is considering listing a home should consider a professional appraisal to determine what a fair value for the property is, then take a few simple steps to increase the overall curb appeal and make it as attractive to potential buyers as possible.