With the saturation of real estate news out their in recent months, real or fake, it can be hard to digest all of that information confidently. As your local South Miami experts, The Monica Betancourt Group is here to break it all down for you. So let’s get down to the real numbers and facts.
It is no surprise that we have seen tremendous growth in value for Miami in recent years. The city of South Miami is no exception to this. The real estate market in South Miami has been recording steady growth in value while remaining incredibly stable. Primarily because of how desirable the area is and how amazing the community that makes up this wonderful city is. South Miami’s real estate market is unique, and there are still opportunities in this market to find great deals with older-smaller homes and or fixer uppers. Savvy buyers are catching on to this and quickly snatching them up. Hence the low number of months of inventory for entry level homes below $500 thousand.
dicator of whether a particular real estate market is favoring buyers or sellers.
As a general rule we say that:
- Sellers Market: When there is 6 months or less of inventory.
- Balanced Market: When there is between 6 to 9 months of inventory.
- Buyers Market: When there is 9 months or more of inventory.
*Luxury Market is the $1M+ market. Months of inventory in this market will naturally tend to be a bit higher than other markets, yet may still remain healthy and balanced in some cases.
We can easily see that South Miami’s real estate market is healthy and still has room to grow in value for homes under $1 million. Buyers in this market should feel confident in their investment, especially if they buy below the square foot average reported on the chart. That goes for Sellers too, if you’ve been thinking of selling your home recently but still haven’t pulled the trigger, now might be the right time for you to sell considering the pool of Buyers out there searching for a home like yours.
As for the higher priced homes in the high-end luxury real estate market, pricing is crucial. Inventory levels are in the Buyers favor and Sellers need to have real expectations of what potential Buyers are willing to pay at current market conditions. Pricing is everything when listing a home, and first impressions do matter. If you price your home too high, you might miss out on potential Buyers who would’ve been interested had the price been right to begin with. It is always wise to talk to an agent who truly understands the local market and inventory. The Monica Betancourt Group specializes in South Miami and has the insights every Buyer and Seller needs.
Got questions? We’ve got answers. We’d be happy to share our knowledge with you to help you figure out which move is the right move for you. Contact us today!