market
March 14, 2023
The simple fact is that we are unlikely to see mortgage interest rates head anywhere near where they were pre-2022 anytime soon. So, what does this mean for sellers? Here – in the Miami market at-large – it doesn’t mean that we expect to see any shortage of buyers. No, the demand is still there, but what we will see change is a shift in competition. The golden hour of buyers competing with each other has mostly expired. Instead, it will be sellers competing to offer buyers the most bang for their buck to make those higher interest rates worth it. Price Competitively Let’s start with pricing – how do you know what price is attractive enough to buyers without […]
February 7, 2023
Just south of Pinecrest and north of Cutler Bay lies Palmetto Bay, one of the more popular suburbs in Miami-Dade County. There are currently 95 homes for sale in this area, which is about on par with the inventory we’ve seen in the second half of 2022. This long-sought after neighborhood for families with school-aged children remains competitive but has seen a downturn at the end of 2022. This makes it an excellent time for buyers to jump in to grab a property at a lower price point than has been typical for this neighborhood over the past year. Palmetto Bay Home Prices Price per square foot in Palmetto Bay started 2022 off low, at $343. The price per square foot for […]
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 […]
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 […]
May 31, 2022
Miami is known for its iconic beaches, its status as the capital of Latin America, and its burgeoning tech scene. This adds up to a strong real estate market, however, there is more than meets the eye when it comes to Miami’s real estate. A true hotspot longtime residents, new transplants, and business owners looking to either expand into or from Latin America, Miami-Dade is on a continuous uprise and has been that way for some time. If you’re considering moving here, one thing is true; you should know these Miami real estate trends happening in 2022: Miami’s Booming Rental Market Two-thirds of Miami residents rent, a rental rate rivaling that of New York City. This is partially due to […]