The real estate market was a major preoccupation for many analysts during this pandemic, especially for markets that are fueled heavily by luxury properties like Miami. But, contrary to all forecasts, it seems like the market is not only showing signs of resilience, but actually experiencing one of its strongest periods in recent history. As a matter of fact, it was estimated that the sales of luxury homes almost doubled last October. Let’s take a closer look at what we can expect for the Miami real estate market in the next coming months and what the implications are for home sellers.

The Factors Behind the Trend

There are many factors that seem to be fueling this demand for luxury real estate in the city. One that should not be overlooked is the willingness of the local government to move things forward with procedures. The government made it clear that while it wanted to protect the health of its citizens, it also wanted to protect the economy.

There also seems to be a massive exodus from northeasterners looking for better deals and more space. They seem to love the lower tax burden too. When asked for the reasons why there was such a boom in the sales of high-end property in the city, Jorge Guerra Jr, chairman at the Miami Association of Realtors, stated that lower taxes combined with pent-up demand and low mortgages were some of the reasons why the area is getting so much attention from investors.

The Trend is Not Limited to Luxury Real Estate

Home sales are up across the board, and we’re seeing double-digit growth in the house and condo market. While the increase was more modest than in the luxury sector, it is still impressive considering the obstacles that make visits more difficult. 

Realtors are Finding Ways Around Roadblocks

We all know that travel and sanitary restrictions have made things harder for people trying to sell or buy a property. However, realtors are finding ways around this. 

One of the many options that they’ve been using recently is virtual home staging. You have companies that specialize in virtual staging for luxury properties, such as Barion Design. You can learn more about them at bariondesign.com. Services like these are able to not only allow people to view properties from wherever they are in the country or the globe, but to also give life to empty spaces by customizing them without the need of hiring a home stager. 

What Does the Future Hold for the South Florida Real Estate Market?

Many experts believe that the uptrend will continue with the consistent influx of northeasterners. Some areas to watch include Brickell and Fisher Island. Brickell in particular is slowly transforming from a financial center to a vibrant metropolis with high-end users and should continue attracting everyone from professional millennials to young families.

The future seems to be bright for the Miami area and South Florida real estate market. We’ll have to see if it will hold up, but all signs seem to point to Miami becoming a major hub for people looking to get away from heavy taxes and bad weather.