Miami Market Update – July 2022
People are asking should I buy a house right now?
It is true that the real estate market is shifting away from the intensity we’ve seen over the past 2 years but that does not mean it isn’t a good time to buy a home or that prices will go down
Take a look at the estimated home price appreciation over the next 5 years – this is from the home price expectation survey – every quarter, about 100 housing market experts are surveyed on where they see prices going,
they forecast just over 9% appreciation for this year and healthy appreciation for the next four years after that
So, make sure you are checking your sources on everything you hear and read. The headlines LOVE drama, and sensationalism
A slow price appreciation does not mean price depreciation
If you are looking to buy you can confidently do so, knowing what the experts are projecting on going price increases as well as the conditions of supply and demand
It can be scary to buy a home in any market and with this headlines even more so but once you buy a home, you will start to build equity and over time and have something, to make your own.
Now here in Miami, we did see active listings increase by 8% this month of June, yes, after 24 months of consecutive drops in inventories, this month inventories increased by a significant 8% That number reflects more listings coming on the market on one side, and less closed sales on the other Inventories are starting to build – with more inventory on the market , NOW may be the best time to do the home search you’ve been putting off.
