HOME SELLING INFORMATION
January 10, 2023
Miami has been the red hot center of a nationwide rental market boom. In South Florida, rent rose nearly 25 percent between the summer of 2021 and summer of 2022. On top of that, almost 97 percent of rental inventory in Miami-Dade County is occupied. Available properties have multiple applicants all hoping to score a place to live. While rent is up and inventory is down in major cities across the US, nowhere has it been as dramatic of a shift as we’ve seen here. Expectations for 2023 I expect the rental market will continue to have high prices and high demand throughout 2023, and likely beyond. The storm season we experienced in 2022 factors in to these high prices […]
January 3, 2023
Sometimes markets are easier to predict than others, and this one… well, there are a lot of moving parts. I’m certainly no fortune teller and any number of things could impact my best guesses. At any rate (pun very much intended), I’ll give you my thoughts as of now about what to expect with the Miami real estate market for the upcoming year. Will Housing Prices Go Up or Down? The next several months will be different, a “back to normal” market, but that doesn’t mean a loss of all the gains we have seen over the pandemic price surge. In fact, in most areas of Miami prior to 2019, I would say we were undervalued from a global perspective as […]
November 22, 2022
Under all the right circumstances hiring a professional staging company is absolutely worth the cost. I realize that is a qualified statement, so bear with me for a minute. The point is that there is absolutely value in the process of having a professional stage your home before it hits the market. Which side of the cost/benefit analysis that service falls on depends on several more specific details. In a Perfect World… As an agent, the ideal situation is to present the most picture-perfect version of the house we’re selling. If the seller has moved out, staging the home – with the lack of personal items – creates a blank canvas that prospective buyers can project their lives onto. Staging […]
November 15, 2022
With all the talk of interest rates and federal interest rate hikes in the news, it makes sense to talk about it and how it impacts our daily lives. Being in the real estate business means these rate changes are something I monitor all the time – even when it’s not making the news. However, it does have a much farther-reaching impact on almost everyone. What Exactly IS the Federal Interest Rate? First, let’s address what it’s not. The Federal Interest Rate is not the rate consumers pay, though it does indirectly affect consumer rates. The U.S. Central Bank sets the Federal Interest Rate which is the rate at which bank-to-bank transactions are made. Every other interest rate in the […]
October 25, 2022
Ready, set, sell! Miami is (currently) still in a seller’s market, and while homes are selling at lightning speed, the process for preparing your home to list does take a bit longer. When you spend adequate time preparing your property, you can expect it to sell faster and for more money. Taking a little extra time up front can really make a big difference when your home hits the market. Where to Start When Preparing Your Home For Sale We recommend starting the process at least six months in advance of when you actually want to list. A common mistake we see with sellers is they wait too long to contact an agent. Your agent wants you to succeed, and to […]
September 13, 2022
As we move into the fall of 2022, the Coral Gables market is continuing to trend upward. Fall of 2021 into winter of 2022 saw pricing swings in both directions. However, we are back on the steady upward track we were seeing for much of last summer. The median sale price in the area is $950K, which is up 8.6% year over year. Homes are being sold in about 32 days on the market compared to 63 days during this same period last year. The number of homes sold, however, is down 35.4%: 104 homes were sold in June of this year, while it was 161 in June of 2021. What Does It All Mean? The data suggests we are […]
September 6, 2022
After 2008, it’s normal for buyers and sellers to feel a little skittish about less-than-ideal market conditions, but 2008 was (hopefully) a once-in-a-lifetime event. The next recession, whenever that may be, will very likely not be as damaging for real estate (as a whole). So, as of right now, there’s no reason to panic – but there is reason to be concerned. The best way to avoid worrying about what is going on in the market is to have the best listing in your neighborhood. Here’s how to outshine the competition when you’re selling your Miami home in a down market. Price Your Miami Home Right From The Start You only make a first impression once. So once you are […]
August 2, 2022
Heading south on US-1 has been a growing trend in real estate for the past couple of years. Because of this, the state of the real estate market in Palmetto Bay and Pinecrest has been leaning heavily towards the sellers since early 2020. Now, as interest rates are rising, what’s most interesting is how little has changed. Currently, there are 112 properties for sale in Pinecrest and 91 in Palmetto Bay. Housing Inventory in Palmetto Bay & Pinecrest The level of inventory is up from last year, but still well below pre-COVID levels of inventory (low inventory typically drives up prices). Homes in Palmetto Bay are currently selling with a median sale price of $1,017,000and Pinecrest homes are going for a median price of $2,623,000. These are both still […]
July 19, 2022
There’s no doubt why Miami is a very desirable place to live. With the tropical weather, beautiful beaches, and amazing restaurants, what’s not to love? All these factors – plus the business climate in South Florida – are reasons the real estate market in Miami remains strong. Prices have been rising steadily over the past few years and that has been leading to a common question we get – what is the next ‘It’ neighborhood in Miami? Before we dive in – to be clear, there are many neighborhoods that are attracting a lot of developer attention like Allapattah for which there is a strong argument to be made that it will be the next ‘It’ neighborhood. We’d rather talk […]