By Sunny Isles Real Estate Expert on December 17th, 2010
One of the markets hit the hardest by the economic crisis has certainly been the Miami real estate market. Sellers have been finding themselves with properties that sit on the market for months longer than expected, and buyers, while finding prices at all time lows, have been feeling economic pressure that makes it hard to buy. Thankfully, however, it seems that hope is finally on the horizon. Recent figures in major cities such as Miami show that the market is finally starting to move upward again. This increase in sales and purchases is good news for anyone looking to make a real estate transaction.
2011 is certainly looking like it will be a better year for the Miami real estate market. While there will still be no fast solution where everything returns back to being perfect, the market options are increasing. Buyers are still faced with better deals than sellers, but the selling market is improving. The improving economy will give buyers the ability to purchase more homes, but because the market is so saturated with homes that have been for sale for some time, it will take a bit of time for the market to swing back to the point of being a seller’s market.
The selling price for Miami homes is expected to rise in 2011. The number of people facing foreclosures and other major issues has forced many people to sell not only below market value, but below the replacement cost of their homes. With many people taking advantage of foreclosure prevention programs, these people are able to retain their homes and can be expected to see them return to the market soon at a price that is much more reasonable from a selling standpoint. While it is unclear how long this change will take, it is certainly not going to be immediate.
In essence, the real estate market in Miami is definitely starting to move upwards
but there is no magic solution. The road to recovery for the real estate market is certainly going to be a lengthy one. The good news for sellers and homeowners right now is that change is finally on the horizon. For buyers, the good news is that right now there are still a number of amazing Miami waterfront homes on the market for prices much lower than you can expect to see them again any time in the near future.