As a new decade begins, tides are shifting in different business realms. From real estate to eCommerce platforms, even the digital market is witnessing major deviations that could be positive or negative. 2019 was such a good year for Miami realtors and even homeowners. It was a year of major profits as the real estate market was flourishing with benefits. Not only was demand high because of the ever-increasing population, but landlords, property owners, and agents had the luxury of stipulating prices to their benefits. Miami’s real estate market is so vast that homeowners make fortunes off Airbnb on a monthly basis.
2020 Miami Real Estate Market Predictions
As of 2019, the median property price in Miami was $543,600 while per square footage was $328. The market has been enjoying major property appreciation rates of 177% since 2000, thus earning Miami the bragging rights to be called one of the best locations to buy and hold real estate investments. This is because of the increased long-term ROR rates. Regardless of this, in this new year, the real estate price trends in Miami, Florida are expected to continue in its downward spiral. Thus, housing will be more affordable as the year progresses because of the increase in property prices in other markets.
In Your Best Interest
Based on the survey and even as profitable as the market is, your holdings or properties will depreciate in the coming months because of the shift in the market. Hence now is the time to act. To emerge victorious in these times, your best window to sell is now. Presently interest rates are still low, stock inventory is down and of course, buyer demand is still high. You can cash out tremendously, and even earn more than you anticipated if you act now. Indecisiveness will only cost you more money on your investments, hence based on this report, there’s no time to waste.
There really is no time like now, so let’s help you get started! You can call, text or WhatsApp me anytime at +1-305-209-5017, or simply go to the contact us page. We will always be here to help you.
The Zilberberg’s report for Fourth Quarter 2019, focused on the Miami Beach luxury condo market. You can download it here.