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The Inventory Of Houses Continues To Decline In Miami This Is The Time To Sell Your House
As the final data on the 2017 Miami housing market comes in, we can definitely say: If you are considering selling, this is the time to sell.
How did we finish 2017?
According to the Miami Market Focus Update by the Miami Association of Realtors, in Miami, sales prices and sales volume increased, homes continued to sale very close to list price, and South Florida remained a top destination for international home buyers. As indicated in the 2017 Florida Realtors International Real Estate Study, 53% of all foreign real estate transactions in Florida happened in Miami, Fort Lauderdale, and Palm Beach.
And Bloomberg Business just reported:
“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”
Also, mortgage rates were around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand right now.
One challenge to the market, however, is a lack of inventory. In Miami, single family homes active listings (houses for sale) declined in the month of December. Miami remains in a sellers’ market for single family homes.
With demand for your home increasing and supply dropping, this may be the perfect time to get the best price for your home. You should contact a local real estate professional today to see whether that is the case in your neighborhood and determine the value of your home. If you are thinking of selling in 2018, now may be the perfect time.