Mid-Year 2016 Real Estate Market Report
Media reports offer conflicting information and analysis regarding real estate market trends. Fact is, there are many factors that go into the market trends and they can be manipulated to say almost anything you want them to say.
On a very local level, these are my observations mid year 2016 regarding Miami’s northeastern Biscayne corridor to the beaches:
- Currently, real estate trends are price specific, meaning, that dependent upon the price you are buying or selling you have a different market situation.
- All price ranges have experienced a considerable increase in inventory.
- At the present time, the condo and the single family homes are following two completely different trends.
- There are buyers in the marketplace and homes are selling. The attitude of the buyer has adjusted and most are apprehensive about the future values. This is reflected in their reluctance to “stretch upward” on the ultimate purchase price of their investment.
- Many homes are sitting on the market. The true test of a seller’s flexibility is their motivation. There are many sellers in the market that would “like” to sell but do not “have to sell”. Any adjustment in values will be in direct proportion to how many sellers “desire” to move forward with their plans. The number of truly “motivated” sellers will determine the market trend.
- This same time last year we have experienced approximately a 10% reduction in value for the average selling price in most price ranges.
Do you want an honest and straightforward assessment of the market and how it applies to your situation? I offer you as much information possible. I help you self discover by asking you questions about your goals. Together we consider the positive and negative ramifications of your decisions and I help you assess what the best decision is for you given that information and the timing in today’s market.
I and my team are here to help and our accent is always on YOU! Call me today at 305-608-5269 for a private consultation.