Miami’s Available Housing Inventory Problem

by Isaac Benmergui, Esq on February 7, 2013

inverted house_edited-1The inventory of available housing for sale in Miami is at an all-time low, and it’s a seller’s market. Imagine trekking to property after property that you hope will be your new home, and have none of them suitable for your needs. Or searching through listings for weeks only to find you can’t imagine even going to see one of them? Imagine finding one home you love, but you engage in a bidding wars with several other interested parties and then outbid by tens of thousands of dollars. Should you stop looking? Look elsewhere? Stay where you are?

With market prices on the rise across the board in Miami real estate, residential and commercial realtors are at their wits’ end without a solid inventory of available properties for sale. Homeowners and commercial property owners are waiting for the market to fully recover and simply not listing their properties, even though realtors are certain there are sales to be made.

Although prices are definitely on the upswing, they are certainly not at pre-housing bust levels and potential sellers seem determined to wait out the market until prices are not only back to normal, but become profitable. Market experts warn that in some areas, sellers may have to wait until 2017 for prices to rise to 2006 levels. While realtors salivate for new listings, they sell on average 250 units every 30 days and referee the bidding wars that ensue until inventory levels rise again.  There’s nothing to say sellers won’t get the price they want, the bidding wars take care of that.

Getting Legal Help

When you’re ready to sign on the dotted line, the law offices of Isaac Benmergui can help you from residential to commercial sales to representation at closing; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

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