June 24, 2016
Condominium and single-family home sales in Miami-Dade County continued their downward slide in May. Single-family home sales decreased by 7.2 percent year-over-year, while condo sales fell 13.3 percent. The reasons for the slowdown remain the same - South American markets continue to experience volatility, and new construction projects continue to enter the market. Today's buyers are more likely to wait and see what else may be popping up in the near future.
However, the economic issues causing some of the market downturn are beginning to ebb. Looking at it from another standpoint, the comparative stability of the U.S. economy has helped make Miami a safe haven for South American investors, especially in real estate.
The media reports on the Miami real estate market have also piqued the interest of buyers across the country. Price growth has slowed for first time in years, creating the perfect opportunity for many to finally buy property in Miami. Real estate is almost always cyclical. While the situation in Miami in not as dire as many have feared, prices are down and sales have slowed. However, experts expect that all to turn around in as little as a year and a half from now.
This slump is a buyer's gain, and right now is the best time to buy real estate. Buying conditions like these have not existed for years. Niki Higgins' comprehensive knowledge of the South Florida real estate market, combined with a personal understanding of individual needs, helps guarantee an efficient and successful acquisition..
To take advantage of the current market and purchase real estate in South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422!
