In case you haven’t heard, the Miami real estate market is back in a big way.
Whether you’re a fan of one of the city’s incredible historic homes, or if you prefer more modern housing, now is the time to pounce. Of course, this rebirth is also wonderful news for realtors and people who want to sell their houses!
What can you expect from the Miami real estate market next? What caused this rebound? Read on to find out!
What Made The Market Slow Down?
Of course, no good comeback story is complete without a fall.
But it wasn’t one single factor that contributed to the decline the Miami housing market has experienced over the past few years.
For one, the dollar got a bit weaker, thanks to political volatility and even changes in the markets overseas.
Additionally, for a time people expressed concern over climate change. Would rising temperatures put Miami homes at risk? What can be expected for the future? Now, many scientists are dedicating studies and research to protecting the Miami housing market – and the city itself.
This research has certainly helped to put an end to the fear surrounding the Miami market.
The Comeback
Whether you live in Miami or are just interested in what the city’s housing market is up to, you may know that recently, housing in the city has experienced a bit of a downturn.
Fortunately, it looks like all that’s behind us – but it may not be for too long.
Still, right now is an ideal time to buy and sell in the Miami market. In fact, in March of 2016, single-family home sales broke new sales records. Miami-Dade single homes sales had an amazing growth rate of over 9%.
The prices of these homes also rose, in addition to their selling rate. This, however, isn’t exactly news to the Miami housing market. In fact, Miami home prices have been steadily on the rise for an astounding 5 years.
However, the selling prices reached incredible highs, increasing by as much as 15% in median home price sales.
Plus, it’s not just homes that are coming back. Additionally, condominium and townhouse sales also soared by over 2%. As with housing prices, condos and townhouses also increased in price by about 15%.
What’s The Reason For This Boom?
As with the fall, there is no single reason why Miami housing is on the mend. Lots of it, though, does have to do with the increase in Federal Interest Rates. Lots of people believe that these rates will soon go even higher!
This means that many are taking the “buy now” approach – one we certainly agree with!
Take Advantage Of The Booming Miami Real Estate Market
As you can see from this article, the Miami real estate has made a huge comeback.
Even better?
It looks like that comeback is only going to continue to grow.
When you need to sell your Miami home quickly, and you’d prefer to get a cash offer, we can help you. Get in touch with us today. Together, let’s take advantage of this incredibly exciting market opportunity.