Guest blog post written by Erin Holdgate of Zillow.
While sellers enjoyed favorable conditions for years, Miami buyers finally have a reason to celebrate. In fact, a recent report placed Miami as the second-best real estate market for buyers.
If you’ve been waiting to buy property in Miami, 2017 might be your year.
Market Conditions and Home Values
Miami is now officially a buyers’ market, with supply outpacing demand. Listings are subject to more price cuts and spend a longer time on the market, so buyers retain the negotiating power and are more likely to pay below the initial asking price.
Miami home values rose 4.5 percent in the last year, but are predicted to fall back 1 percent over the next 12 months.
Miami is an incredibly diverse city, and while some of the most exclusive Miami-Dade County communities fall outside the city limits, buyers can expect to find plenty of luxury in these popular neighborhoods. Continue Reading