How is the Market

THE CURRENT AND FORECATED MIAMI REAL ESTATE MARKET

The South Florida Real Estate market, including the Miami and Miami Beach condo market, has been in an adjustment phase from 2015-2016 largely due to increased inventory and the US dollar gaining value against foreign currencies. We have a new President elect, and today the fed announces its expected rate increase. Are we headed for boom or bust? The speculators are out in full force. The good news is more experts like NAR predict a steady to strong year ahead in US housing, especially for second tier markets attracting the millennial first time home buyers and highly sought after real estate in Miami and other metropolitan cities.

Interest in Miami rental income will remain strong, as will investment in Miami luxury home and commercial real estate. High net worth investors from the northeast, especially New York, will continue to be attracted to the continued Miami investment property potential. Prices should see steady to modest gains in Miami and Miami Beach homes and luxury resale condos. Miami New construction is expected to slow due to inventory levels and stricter immigration policies with the new administration.

Factors influencing the 2017 housing market include rising mortgage rates, the trend towards government deregulation, increased costs of production, and better access to credit. President elect Donald Trump is a Real Estate developer and investor with plans to bring business back to the US. If student loan debt is forgiven, millennials will have credit to buy homes. There are many factors that could influence 2017 into 2018 that could further impact the market. As South Florida real estate is consistently a top market for international investors and second home buyers, the US dollar gaining value in 2016 greatly affected the Miami condo sales and the Miami new development market. The South American currencies holding steady will have an impact on 2017’s Miami market. The decline in affordable housing in metropolitan cities like Miami will continue to see first time buyers considering second tier cities. Luxury communities in Miami Beach and Miami including the Sunset Islands, North Bay Road, the Venetian Islands, Bay Point, Fisher Island, and luxury condos and homes in Coconut Grove and Coral Gables, are amongst communities expected see a volume increase with modest price increases in 2017.

Although you can't time a market perfectly, keep an eye on inventory and finance trends. Once there are a significantly higher number of listings versus closings, price gains slow and level off. Gains are expected to continually see upward growth but at a more modest pace in 2017. Many Buyers will continue to attain better price points, mortgage rates are expected to climb over the next few years.

Miami ha enjoyed a dynamic market. Miami continues to attract numerous foreign cash Buyers who have largely been buying the commercial and hot new development inventory. The number of American Buyers, and those expected to stay in Miami, continue to increase, especially in the resale market, due to no city or state income tax, easier credit attainability, the climate, the healthier economy, and the entrepreneurial opportunities that arise when a city has tremendous growth potential.

Miami is growing, with incredible new architecture and top notch events, arts, amenities, and entertainment to satisfy today's more sophisticated and gentrified Buyers. Interior pockets of land are finally being developed, as is the last remaining waterfront land. Downtown Miami has evolved into one of the most dynamic US cities, enjoying the majority of the growth action in Florida. It is become a safe place to put your cash and a city where you can live the ultimate lifestyle. Miami is expected to enjoy a growth market over the next five years.

Feel free to contact us anytime for additional information on the current market.

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Updated: Friday, November 24, 2017

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