Miami Real Estate Could Be Cooling
Recently, news about the Miami real estate market has been very positive. Every week an article is published about the increases in new construction and Miami real estate value, but some experts believe that the market is starting to cool.
Miami real estate agents say they’re “seeing an increase in the number of listings that expire – something that would have been unheard of a year ago.” They are also reporting an increase in inventory and a drop in asking prices. Sales declined 2 percent in Miami-Dade from July 2004, prompting some to say that the market has peaked.
The increase in Miami real estate inventory is attributable to growing speculation in the area and sellers who are trying to take advantage of the strong market and sell their houses at inflated prices. A seller asking for more that $500,000 for their home will probably find that they have to wait a while before they’ll find a buyer. However, Miami real estate priced under $350,000 is still selling strongly.
Miami real estate agents say they’re “seeing an increase in the number of listings that expire – something that would have been unheard of a year ago.” They are also reporting an increase in inventory and a drop in asking prices. Sales declined 2 percent in Miami-Dade from July 2004, prompting some to say that the market has peaked.
The increase in Miami real estate inventory is attributable to growing speculation in the area and sellers who are trying to take advantage of the strong market and sell their houses at inflated prices. A seller asking for more that $500,000 for their home will probably find that they have to wait a while before they’ll find a buyer. However, Miami real estate priced under $350,000 is still selling strongly.
