Could Miami Home Prices Soar Before 2014?

by Isaac Benmergui, Esq on May 4, 2012

A new study from the Center for Capital Market and Real Estate for the Urban Land Institute predicts a marked increase in the cost of Miami real estate over the next two years. A 2 percent rise is expected in 2013 with an increase to 3.5 percent by 2014.

Homebuyers are apparently of the same mind as inventory of available housing is on the decline, although the number of sales is still down from over a year ago, that is expected to pick up as the shadow inventory of foreclosed homes hits the market and homebuyers can choose from a wider selection. Miami’s luxury real estate market has seen a more than 40 percent increase in sales as well an increase in sales prices.

Anyone that will be in the market for a new home in the next year or more may want to start searching now before prices rise and homeowners need bigger mortgages.

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.

 

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