For the last several months we have noticed a trend in the lack of inventory within the $250,000 – $400,000 homes in the Gables, South Miami, Coconut Grove markets. Couple this shortage with a higher demand from consumers that have sat on the sidelines during the downturn, cash investors, & foreign buyers and the result is the potential increase in property values. Homes, particularly the ones priced well, are “flying off the lots”, making it very difficult for first-time home buyers and standard buyers to compete in this market.
In order to stay in the game buyers should always look for an agent that will work tirelessly and diligently from start to finish, including the search phase all the way through to the transactional/closing phase. As stated previously, the landscape for buying is ripe but very competitive, having an agent that will deliver and stay focused during the entire process is an essential element to your home search and purchase.
If you are in the market to sell during this time, it is essential to hire an agent that will be honest and direct in their valuation of your home as the initial asking price will have a long lasting effect on perception and will eventually play a vital role among buyers’ purchase decisions.
As always please do not hesitate to contact one of our agents to assist you with any of your real estate needs.
Scramble for under-$300,000 homes chases a shrinking supply (Click Here to Read More From Miami Today)