Buyer’s Market Starting to Disappear in Miami

by Isaac Benmergui, Esq on August 9, 2012

House hunters who had assumed they would find prices so low they could simply write a check or place 50 percent down, are looking at Miami’s real estate market with surprise. Thanks to an increase in Miami-Dade County’s home values, and an inventory that’s been shrinking every day, prices have become much more competitive than they were late last summer when bargains had flooded the market.

Buyers call real estate agents constantly, asking for the new listings only to hear a scant few. Buyers face bidding wars with every property they’re interested in, and it’s not just 10 or 15 other bidders – it can be as many as 40 or 50. Buyers even insert escalation clause into their offers to counter any bids that might be better.

The strange thing about the Miami residential market is almost 46 percent of homeowners have negative equity in their homes and they could recoup that if they’d bring their house to market. Maybe they’ve not heard that news that it’s a seller’s market now.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

Previous post:

Next post: