Over the past several years, the real estate market in Miami has been on fire. People love what the city and the surrounding area have to offer, and they are hoping to find a place to call home. It seems that everyone wants to live in Miami. Politicians, celebrities of all types, and multimillionaires—and billionaires—love the sunshine life that the city can provide.
People want to buy now more than ever, and even the pandemic hasn’t changed that. The listings for single-family homes in January 2021 for Palm Beach, Broward, and Miami-Dade counties were at 8,597. A year ago, they were at 13,992. This means that a lot of people have bought in the last year and are continuing to buy properties. The available properties are fewer and further between than they once were. It’s getting more competitive, and even the sales of condos have started to turn around. People are on the hunt for luxury condos once again.
Why is the Real Estate Market Still Performing Well?
The 2017 tax reform was a major reason that luxury buyers decided to move to Florida over the past few years, and this is still a reason cited by some. People are even moving from California to Florida. They get nice weather, but they don’t have to pay the high taxes like they do in CA.
Another reason people are still buying is the impressively low interest rates. Many buyers, including millennials, are seeing that now is an ideal time to buy in Florida, and they have been purchasing condos to take advantage of the low rates and good prices.
The price of single-family homes and condos will likely continue to rise as the demand keeps increasing. The number of available properties is lower than it has been, which means it’s a seller’s market. There are still great homes available, but the competition will be higher. If you see a home that you like, it is always a good idea to act sooner rather than later. You don’t want to miss a great deal on a home you love.
Find the Perfect Home or Selling?
There are still many places in the Miami area that are for sale, and there are plenty of people looking to buy. If you would like to purchase a home in the area, or if you have a home that you want to sell, now is the ideal time to get in touch.