Is It Time to Sell Your Miami Real Estate in 2017?

Is it time to sell your Miami property in 2017?

2016 Has come to an end. Many home owners might have considered selling in 2017 or to start thinking about selling in the new year. Whether you are sure about your move or just merely considering to sell it is never a waist of time to educate yourself on the market or to pick up the phone and call us for an insightful conversation.

2016 Was a year in which many of Miami’s sub-markets saw price corrections due to rising inventory levels. As mentioned in our 2016 report, one should never generalize a market like many out of town reporters do. They often use data from the city as a whole to then make overall conclusions on these data. Each market provides its opportunities and whether a market works in your advantage or not depends on your goals, your purchase price and your specific property.

Read the 2016 Miami Residential Real Estate Report to see how your neighborhood performed in 2016

Should you sell your Miami property in 2017?

Whether you should sell your Miami real estate or not depends on your personal goals, your property and the market in which you are selling. The condo market for example is seeing a strong increase in months of inventory meaning the market is becoming more and more of a buyers market (A market in which buyers have an advantage over sellers). Some of these markets are set to be corrected rather soon, while other markets are expected to decline even more in price. Call me for more information on the different condo markets or consult our 2016 Miami real estate report.

The single-family homes market on the other hand is not seeing large increases in inventory and there is a considerable demand for these properties. In many markets we have even seen record prices being paid for properties as the hot neighborhoods like Coral Gables, Pinecrest and Coconut Grove are still very much in demand. Many areas such as the Roads, Miami Shores or High Pines are up and coming and rising in prices as they are in close proximity to Brickell or the earlier mentioned neighborhoods and offer more attractive prices.

These are the key questions to know if you should sell now or not

For Home Owners

• Did you buy the house against market value?
• Do you own a property in a market with raising months of inventory?
• Do you want to buy a new property which needs to be financed?
• Do you own an older property on a large lot in a desired neighborhood?

If your answer to most of these questions is YES, then 2017 might be a good year to sell!

For Condo Owners

• Do you own a property in a market with raising months of inventory?
• Do you want to sell your condo within the next two years?
• Do you want to buy a new property which needs to be financed?
• Did you buy your condo against market price

If your answer to most of these questions is YES, then 2017 might be a good year to sell!