It’s no secret that the housing market has experienced a pretty pronounced slump over the last few years. With more houses than ever sitting empty and buyers hesitant to commit, those individuals who were in the market to purchase a new home were almost able to name their price on the property of their dreams.
But, it does seem that things are starting to change, especially in the Miami area. Signs of strength are starting to show in the real estate market as sellers find themselves entertaining multiple offers from buyers who are able to take advantage of the very low mortgage rates.
Of course, you may be wondering what it is that has changed the real estate market in Miami from what it was just a short year ago. One of the biggest factors that has caused the dramatic turnabout is the fact that there are fewer foreclosures occurring and the homes that were foreclosed are being sold at a rapid pace. Additionally, a new group of buyers that appreciates the value of Miami real estate and is aware of the price appreciation is eager to invest hard-earned money into local real estate.
From single-family homes to commercial properties, the relatively low inventory compared to the number of properties that were available just a short time ago has turned Miami into a seller’s market. Of course, it doesn’t hurt that there are fewer distressed homes available.
While many sellers find themselves getting as many as 10 offers within just a few days after listing their property, that does not mean that a person looking to sell a property can simply forget about making their home attractive to potential buyers.
Curb appeal is still as important now as it ever was and it is well worth taking a little time to seek out a professional appraisal and to make any minor improvements in order to make the property even more attractive.
While the shrinking inventory of houses available is having a very real impact on the prices of Miami homes, the fact that the prices are still relatively stable means that buyers feel comfortable purchasing a property at this time. It seems that the days of waiting months before receiving a reasonable offer on a home is a thing of the past.
Most sellers can take comfort in knowing that they will be able to get a competitive price when they put their home up for sale.