What Are the Hot Price Points in Miami?

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If you listen to the news, real estate is this unstoppable juggernaut that’s doing better than ever. In a sense it is, when compared to the market crash of 2007. However, not all market segments are behaving the same way.

In general, the market is a bit soft for sellers, meaning it’s slightly favoring buyers. Prices aren’t going up quickly, properties are selling for less than asking price, and it’s taking them longer to sell. Some areas in Miami have more homes available in the $300,000 and over range. However, there is one exception to this general market condition.

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In general, the market is a 
bit soft for sellers.

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If you’re looking at homes priced below $250,000, the market is still really hot and it’s hard for buyers to find properties. A big reason for this is because a lot of the homes in this segment are townhomes or condos. Most of these properties don’t qualify for financing unless a buyer can give a 25% down payment in addition to closing costs. That’s pricing a lot of people out and forcing them to instead look at single family homes.

There are a ton of qualified buyers looking for homes in the $250,000 and below range. Any time a single-family home comes on the market below $250,000, it gets multiple offers. Usually in the double digits.

What does this mean for the buyer? Go as fast as you can to a good property when you see it. Don’t try to lowball the seller, either. It won’t work. If you’re a seller, you’re going to have to be competing if you are priced above $250,000, and you need to know the market is shifting for your price segment.

If you have any questions for me or if you’re looking to buy or sell in Miami, I would love to help out. Just give me a call or send me an email.