Hello everyone! As we step into 2024, I wanted to share some critical insights into the Miami and Broward real estate market. 🌴🏠
🔻 Sales Decrease by 12%
Firstly, the number of sales has taken a dip, decreasing to 1,358 sales. This 12% decrease can largely be attributed to the high interest rates and a noticeable lack of motivation among sellers to list their properties.
🔺 Emergence of a Seller’s Market
Despite the decrease in sales, we’re witnessing the emergence of a seller’s market, characterized by an extremely low supply. Currently, there are only about 25 weeks’ worth of inventory available, which is considerably low.
🔻 Price Negotiations Trend
An interesting trend to note: a significant number of sellers are accepting offers below the asking price. In fact, 70% of the sales in 2023 closed under the asking price. Although this doesn’t represent a massive price correction, it’s an essential factor for both buyers and sellers to consider.
🔺 2024 Price Prediction
Looking forward, we predict that property prices will continue to rise, albeit moderately, with an expected increase of around 2%.
🔑 Advice for Sellers
For those contemplating selling their property, now could be an ideal time. As interest rates start to lower, more buyers are entering the market, potentially making it easier to sell your property.
🔑 Tips for Buyers
If you’re on the buying side, my advice would be to make your move now. Waiting for interest rates to fall further might lead to increased competition and prices, especially with the predicted price increase in the market.
💡 Stay tuned for more updates and feel free to reach out if you have any questions or need advice on navigating the current real estate market. Don’t forget to like, share, and subscribe for more insights!
