Miami Housing Market Seeing Robust Return?

by Isaac Benmergui, Esq on May 24, 2012

Reports continue to look good for Miami’s housing rebound. The Miami Association of Realtors says a limited supply of available homes coupled with the increase in demand has sent prices upward in 2012’s first quarter.

Single-family home prices saw a 14 percent increase to $174,799 from last year, and condo price etched up to a 38 percent rise to $129,500. Realtors believe a loosening tight credit conditions would further boost the market, but banks continue to be cautious.

Inventory levels are down, making sales and prices more competitive. Miami-Dade’s housing inventory was down more than 33 percent from the past year and 13 percent from the last quarter. Realtors have also seen an increase in the number of bidding wars. If there is a property you believe you’re interested in, better to make an offer and have to rescind it than to miss out on the possible home of your dreams.

Getting Legal Help

Before you sign on the dotted line, call the law offices of Isaac Benmergui. Attorney Benmergui can make certain your interests are protected at closing; call 780-800-2510 or email for more information or to set up an appointment today.

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