Real Estate Blog

Topics of interest to help homeowners when thinking about selling their home.

Home Prices Flat, Sellers Edge Buyers Despite Slowing Market

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FYI: data analyzed in this blog post is for single family homes only.

How’s the market?

Prices remain unchanged and sales volume (number of homes sold) is slower than usual.  Although this trend is expected as we are just heading out of the holiday season – when most homeowners keep their property off the market – there is a stronger deceleration in units sold at the turn of 2015-2016 when compared to the turn in 2014-2015 (see below graph).

miami real estate price trend single family home

*Above graph represents combined data from Coconut Grove, Coral Gables, Cutler Bay, Kendall, Palmetto Bay, Pinecrest, South Miami, Sweetwater, The Roads, West Miami, and Westchester*

What’s the outlook?

In my opinion, home prices will continue to remain unchanged for the remainder of 2016.  Around March or April, volume of sales will take an upturn just like it did in March and April of 2015, but it will not be as significant. This will have no impact in home prices due to economically healthier home owners that are able to hold on to their homes till prices go up.

WLRN: Miami real estate may slow in 2016

Should I sell my home?

In my opinion, it will not make a difference weather you sell now or at any time during the year since prices are expected to remain  status quo.   However, should your home-carrying expenses (mortgage payments, taxes, insurance, etc) exceed any appreciation in price in your neighborhood, then it may be a good time to sell.

Find out your home value today

How long will it take my home to sell?

On average, 122 days or 4 months.  See below graph for the average number of days it will take your home to sell in your neighborhood.

miami real estate days on market

 

How’s the foreclosure market doing?

Not good.  And this is good news considering such market makes up less than 20% of sold homes.  See below graph to see how the foreclosure market is doing in your neighborhood.

miami real estate type of sales

 

*This post’s source of data: Miami MLS

March 1st Deadline For First Time Home Owners

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Miami Dade Homestead Exemption

Bought a home last year? You got till March 1st to file for homestead exemption.  Not a homeowner or know someone who purchased a property? Share this post today!

Shut Off Facebook, Just For The Holidays

Mario AvalosLeave a comment


Just for the holidays, I am trying something new. I have uninstalled all my social apps from my phone. And it rocks!

What a difference in my level of attention when hanging out with my wife and kids. Night and day difference.  And I encourage you to try it. I know it’s like jumping off a bridge for some of you, but really, try it.

The way I see it, the holidays are packed with things to do. Shopping, family dinners, hosting guests from out of town, etc. All distractions that chip away from what’s most important (especially during this time of the year), family.

So give it a shot. Merry Christmas. Happy Hanukkah. And to an awesome 2016!

4 Tips To Buying And Selling A Home Simultaneously

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Want to sell your current home and buy your new house simultaneously?

  1. Don’t get a house under contract to buy until your home for sale goes under contract.  Going under contract to buy without yet finding a buyer for your home will put way too much pressure to accept unfavorable terms for the sale of your home.  Keep in mind that most sellers want their home sold in 45 days or less. That means, if you go under contract to buy, you only have a limited time to sell.
  2. As you are making an offer to buy, don’t make the purchase contingent on the sale of your home.  I have yet to meet a seller that will wait till you sell your home to buy theirs. Would you?  Disclosing the latter is disclosing a weakness (your need to sell before your buy) during negotiations. There are many other terms which give you ways out of a contract without disclosing weakness. Just make sure your agent explains them to you.
  3. Request from buyers that are buying your house to let you stay (rent) in the home for a few days after closing. There is a 50%-50% chance that the buyers will agree, so there is nothing to lose.
  4. A simultaneous purchase and sale involves some risk. So when it comes to making a decision and your head is saying “don’t do it”, but your guts are saying “yes”?  Do it! Specially in a double closing, it is the time to be aggressive.