Are you looking to sell your house in Miami, Florida? If yes, then this is the perfect time for you as the South Florida real estate market is currently favoring sellers, thanks to Hurricane Irma. The hurricane destroyed many homes throughout the state, which has temporarily reduced the supply of available homes. However, this has resulted in an opposite effect on home prices, with a 13 percent increase in median home prices in Miami-Dade County in August, even prior to the hurricane. Post-hurricane, real estate experts predict home prices to climb even higher, which is great news for sellers as they can agree to a higher sale price.
As local Miami FL home buyers, we buy houses in Florida and offer cash for houses. So, if you are a seller, don’t miss this opportunity to capitalize on the current market trend. Read on to learn more about the South Florida real estate market and tips for success.
What Are The Hottest Local Markets In South Florida?
Real estate sellers in Miami-Dade County are not the only ones enjoying a thriving local market. Broward and Palm Beach Counties have also experienced an 8% increase in median home prices. Compared to the statewide median home prices, South Florida homes have seen a faster pace of increase, ranging from 8% to 13%. Moreover, the rise in home values has also led to an increase in sales, with single-family home sales increasing by 1% over the same period.
How Should Sellers Handle Offers?
To begin with, it is crucial for sellers to conduct a thorough research to determine the true value of their property. In cases where the supply is limited, exhibiting patience is a crucial virtue. If the potential buyers fail to meet the seller’s price expectations, it might be better to wait for another offer.
In the aftermath of Hurricane Irma, some real estate agents are advising their clients to make lower offers. These agents believe that many buyers are still hesitant to invest in the real estate market due to the hurricane, and thus, sellers may accept a lower offer.
However, the truth is that Hurricane Irma caused minimal damage to the South Florida real estate market. In general, hurricanes have not significantly affected the Florida real estate market in the long run. It’s important to note that Florida is no stranger to hurricanes, having been hit twice as many times as Texas and Louisiana since 1886. Despite this, the likelihood of hurricanes has not slowed down real estate growth.
Florida homes are incredibly resilient against hurricanes, thanks to strict construction codes and homeowner’s insurance requirements.
Should Sellers Wait Until Spring To List A Home for Sale?
It’s a common perception that the best time to sell a home in South Florida is during the Spring season when the weather is warm and the school year is about to end. However, it’s not necessary to wait for seasonal periods to put a home up for sale. While Spring might be busier, it also means a larger inventory and potentially lower sales prices due to more competition. On the other hand, selling in the winter can be beneficial as there is less competition among sellers, which means you may get a better price for your home.
Wrapping Up The South Florida Real Estate Market
The real estate market in South Florida is experiencing a surge in home prices, making it a great time for sellers to sell their homes at a profit. One important tip to keep in mind is to be patient and wait for an offer that meets your price expectations. Also, contrary to popular belief, you don’t have to wait until Spring to put your house on the market. If you have any questions regarding South Florida’s real estate market, please feel free to contact us for assistance.
Sell My House in Miami FL
If you think you need to sell your house in Florida fast, then you may need us. We at 123SoldCash.com are local homebuyers in Miami FL, and we’re helping local homeowners have a quick and hassle-free sale. If your Miami FL house qualifies, we can make you a quick and fair cash offer.
For more information or if you have any questions, feel free to give us a call at (786) 904-1444 or fill out the online form and we will get in touch with you.