Over the past several years, things have been going very good for those in Miami who have been selling their homes. People have continued to flock to the city and they have been buying up property, including high-end luxury property, at a very fast rate. In fact, things have been going so well that many have started to worry about when the good times would end. It appears that time is now here, but it’s not all doom and gloom as some people might want you to believe. There are changes though. Let’s look at what this means.
The Supply is Growing and the Prices are Dropping
The number of homes on the market in Florida are growing, and the sales simply aren’t keeping up with the supply. People are still coming to the area and they still want to buy properties, but the number of homes coming onto the market right now are simply higher. This helps to give the buyers more choices when they are looking for a place to call home, and it means they do not have to settle for high prices.
To be honest, many of the sellers out there have been asking for some extremely high prices for their properties. A couple of years ago, they might have been able to get those prices for the homes and units they were selling, but that’s not the case any longer. The buyers are no longer going to meet those high prices because they know that they can simply look at properties for sale by plenty of other sellers.
The prices for the properties are in a state of correction now. They need to drop to be in line with what people are willing to pay. There’s nothing you can do to change this as a seller. What you can do is rethink what you want to do with your property. Most experts believe that over the course of the next six months to a year, the prices will come down as much as 15% to 20%.
This might seem like a lot, but there is generally still quite a bit of room to make some money on the properties. It just means that people aren’t going to be getting the massive paydays that they did a couple of years ago.
While the sellers might not be too happy about the price correction, the buyers on the other hand are getting happier and happier and beginning to find some great deals out there. By far, it is better to have a “normal” correction now than a crash later. Just remember what happened during the last real estate crash. Florida certainly doesn’t need to go through that again.
Those who are getting ready to sell a home today have a couple of options. First, they can talk with a Miami real estate professional about what might be a reasonable price to ask for their property to get an idea of how much they can make. If they find that they won’t get a price that’s good enough, they don’t have to sell. The second option is to hold onto the property for a while and wait for the prices to go back up again.