How the Market’s Shift Impacts Buyers & Sellers
The national market has earned a reputation for favoring sellers in recent years. However, the tides are shifting in many markets — Miami included. In fact, zillow.com has ranked the South Florida market as the second best in the nation for buyers.
The Miami Market
South Florida real estate in Miami has an average of 108 days on the market, lessening the stress that can sometimes be felt by buyers when homes are selling quicker than usual. Also good news for buyers, the percentage of listings with prices which have been reduced is sitting at 11.5 percent. This change will undoubtedly remove some of the pressure placed on buyers by the high competition in 2016, which largely resulted from a lack of inventory.
How Buyers & Sellers Should Alter Their Approach
In a market that is beginning to favor buyers, it’s important that sellers be aware of how to increase the odds of achieving (or better yet, exceeding) their real estate goals. First things first, it’s important that those interested in selling a home enlist an experienced professional to get the best guidance on how to bring the home to market. Sellers will also benefit from ensuring a home is at its best before listing it, which can be done by completing any necessary home repairs in advance, and even simply applying a fresh coat of paint.
Buyers, on the other hand, must remember that success is not guaranteed simply because the numbers are working in their favor. Working with a professional is still essential, and a strong negotiator will pay off even more in today’s market conditions. For buyers and sellers alike, a reputable expert can assist in navigating the variable conditions any housing market presents.
If you’re thinking about buying or selling South Florida real estate, you can trust our team to guide you through the process and deliver the results you’re looking for. Give us a call today to get started!