Everyone’s been keeping a close eye on Miami Beach real estate prices as they continue to drop further and further and home sales continue to see modest gains. Recent statistics illustrate that current prices are much closer to the average 2008 household income, a figure that signaled the market renaissance of the 1980s. This therefore begs the question: Are home prices finally reaching the bottom?
If we compare, during the market heyday Miami Beach real estate prices were much higher than what most people were making, more than three times in fact. We all know what happened afterwards so let’s move on.
Most people are also aware that interest rates have dropped and, despite the increased difficulty in obtaining the mortgage financing, is not necessarily as involved as it once was. Then again, we must remember that there is more Miami Beach real estate sitting on the market than there is people actually buying it and narrowing that gap will take a considerable amount of time.
Prices may not have hit the bottom just yet but it appears that they’re at least a lot closer to doing so.
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