Only this week I posted on a blog on how the Miami real estate market had really picked up in the past few months.
Things are really buzzing here. Offers are being made, accepted, bidding wars on the best priced properties have ensued and in general we are MOVING. Prices are still falling, but the inventory of really well priced properties has surged and buyers have taken notice. Investors are picking up the condos and townhouses as rental properties and home buyers are pouring through the single family listings for a great deal.
We started to see the winds change in the Fall, and really start to gain momentum by the start of the year, but I was really struck by what I heard yesterday:
- 11 AM - discussing real estate with a professional colleague who told me one of his best investor clients told him that he feels we are at or near the BOTTOM
- 4 PM - showing a home to a buyer couple who told me they thought we were at or near the BOTTOM
- 5 PM - listened to report on NPR saying that news was filtering in that we are at or near the BOTTOM
Now, neither I nor any of the above are saying that prices are going to increase, but that they may not go too much furhter down. Miami has a four year inventory compared to a 4-6 month inventory in a stable or buyer's market so we have a BIG FAT BOTTOM, but that is ok, the buyers will begin to absorb that when they feel we are nearing the bottom and that explains why we have started to see such a shift in buyer action. Once the inventory starts to shrink, the bottom will as well, leading to a more stable (as far as price goes) market.
When I hear in one day from an Investor, A buyer and The Media that all sense our approach to bottom is near, that is good news for everyone. It means sales will (and are) pick up, that vacant homes will begin to be filled, taxes begin to be paid and the market begin to stabilize. I, for one, am ready!
Comments (5)Subscribe to CommentsComment