“We’re shifting to a buyer’s market, and sellers may have to adjust their expectations.” Jay Parker
The ghost of the housing market crash from 2008 still worries thousands of new investors and real estate owners around the world. Any minor shift feeds the general paranoia despite of what all realtors and experts on the matter say. The market is finally stable and it’s actually growing, especially in cities like Miami where people from all around the world come to invest.
“The report found that in the second quarter of 2016, the number of home sales fell 25 percent in Miami Beach and the barrier islands compared to the previous year. In greater downtown Miami and its major suburbs, sales were down 12.5 percent annually. Even so, they stayed above historical averages.”
Nicholas Nehamas – The Miami Herald
Experts call this a “slowdown”, but what does this actually mean? It means the market is cooling off as a result of a strong dollar and weak economies abroad. Still, this cooling off doesn’t mean a crash at all. Actually, a slowdown without the risk of a crash means stability in the housing market, and apart from the house prices expected to “drop” in 2017, investing in Miami is still a great idea.
What to expect this 2017?
-A solid market but with our feet back on the ground, or the way Cervera Lamadrid put it: “It just won’t be a runaway season”.
-In June 2016, the Florida Home Price was expected to increase 6.8 percent by June 2017.
-Deals involving office and industrial buildings are still going to be the most attractive ones for lenders and investors.
-Investors from the northwestern U.S. attracted to Florida and willing to double down and plant roots in Miami.