The Miami real estate market of 2016 is turning out to be an interesting market. Real estate is local and in our city; it’s so local that pockets of neighborhoods and buildings sometimes fare better than surrounding areas and buildings. I can put one property on the market, have offers within an hour, and it sells quickly while another one may sit a little longer.
Of course, a lot of this also has to do with pricing and seller motivation.
When we start working on numbers for a new listing, one of the first things we have to do is look at the overall inventory within that building or neighborhood. From there we narrow down and compare only comparable properties. The most important data is what’s currently on the market, what’s under contract and what has recently sold. These numbers will give us the information we need to price the property.
If there is a lot of comparable inventory on the market and it’s not selling, there is something to be said for that.
Miami Real Estate Market Is It a Buyers or Sellers Market?
Often you will hear professionals speaking of it’s a buyers or sellers market. When looking at the inventory on the market, the graph below determines what type of market we are in today.
If you are in a position where you have negative equity, and it’s a buyers market, depending on the factors I noted above; it may not be the time to sell.
On the other hand, if there are less than six months of inventory on the market, you are now in a sellers market. So it may be a good time to sell.
We can sell a property in any market, but there are compromises you may have to make as the seller.
There are unknown factors that come into play once a property is listed:
(1) How many buyers will be actively looking for your particular property?
(2) How many new properties will come onto the market?
(3) How many sellers will reduce their pricing?
(4) How many properties will sell and what’s the selling price?
For our sellers, we stay on top of this data each week and aggressively advise how to compete. I will say that in today’s market, it’s important to be savvy.
Miami Real Estate Market 2016 Should You Sell?
When thinking about selling your Miami property, it’s crucial to put pen to paper and get down to the details. Every neighborhood, building, home and condo in Miami is different, so it’s important to understand the supply and demand of your particular property.
Ultimately price, condition, location and seller motivation are the main factors that determine the “final selling value”.
As real estate agents, we don’t have a crystal ball (that would be awesome by the way), we can help you determine what’s best for you in today’s market. If you need to sell your home, we can help you.
