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Is Miami Becoming a Buyer’s Market for Luxury Homes?


Things have been changing for the Miami real estate market since the beginning of 2016 and what was once one of the most successful seller’s markets in the area’s history is now becoming a luxury buyer’s market. Until recently, the prices on homes have been going steadily upward, and people were willing to pay those prices. The developers and other sellers were doing quite well. Now things are adjusting and it is starting to become a buyer’s market.
What Does This Mean?
In a buyer’s market, the prices of properties tend to come down based on market adjustments and because of a surplus in the properties. The people who are buying have far more choices available to them, which means they can find the unit that’s right for their needs, including their budget. This is naturally some good news for buyers who have been waiting for the perfect opportunity to buy and for those who are just now starting to look for properties.
Of course, this doesn’t mean you will be finding some “bottom of the barrel” prices. These are still luxury properties, so they are still going to command a fair amount of money. However, the average prices are going to be lower ... more

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