WHAT’S HAPPENING TO THE REAL ESTATE MARKET?
We get approached on a daily basis by people asking us if “the real estate bubble has burst”.
The Reality is that something was bound to happen. The Market was so hot that we could not hold inventory. Houses would sell in just days and in some cases just hours after being listed. It was a seller’s market where sellers could inflate prices and could get what they asked for and fast!
Historically, Real Estate has ups and downs influenced by supply and demand, interest rates, and economic conditions. There are shifts from "seller" to "buyer" markets and transitional periods.
We believe we are in one of those transitional periods where the Market is stabilizing. Click on this link for a great article from the Miami Herald’s writer Douglas Hanks III.
What does this mean to you as a SELLER? – There are a lot more properties for sale, which means more competition, and your property will most likely not sell as fast. If you price your property above market price, it might sit for a while, so be careful how high you price your home, unless you are willing to wait.
What does this mean to you as a BUYER? - There are a lot more properties to choose from, and there is more room for negotiation. Don’t be afraid to look at properties that are a bit above your price-range, knowing you may be able to get certain properties for less, especially those that have been for sale for some time.
In Miami Shores in particular, we are seeing a pattern where some agents are overpricing homes to the point of absurdity knowing that when push-comes-to-shove, they will have to negotiate down quite a bit. So when it comes to buying or selling, make sure you hire a Realtor who will work for your best interest, not just their bottom line. Work with someone who really understands your needs, and your current situation, someone that knows the area well – Don’t take risks on a Shifting market……..unless you are willing to gamble.