It’s a seller’s market throughout Miami as prices get hot during the first quarter of 2015. Quite a turn around from the later half of 2014. Why the rebound? Foreclosures are no where to be seen and equity sellers (regular home owners like you and I) are gripping to their homes with vengeance reclaiming what they had lost in value since the real estate crisis.
This lack of inventory is giving buyers little to choose from and even lesser price negotiation leverage. Sellers are literally getting away with murder by asking what they want for their home, and getting it.
What’s the outlook? If you ask a seller, bright. If you’re asking a buyer, it sucks. The foreclosure market is expected to continue to dwindle. The economy is expected to continue to improve. And as long as home price appreciation meets or exceeds the cost for home owners to hold onto their properties, the expectation is that they’ll wait “a bit longer” to sell.
What was the average home worth in 2010 vs now is 2015? See below graph.
How long are single family homes staying in the market until they are sold? See below graph.
What type of sales are dominating your neighborhood? See below graph.