Although the number of foreclosures of Miami homes fell 21% in November 2008, the market remains soft and buying opportunities for those who can afford to purchase real estate are plenty. The Miami housing market has been in a state of oversupply for more than 32 months. This means that sellers of Miami luxury homes and condos are anxious to work with buyers, even if they must lower their sale prices. Currently, Miami price declines are, at 30%, among the steepest in the state.
Estimates of when the market will begin to show signs of recovery are varied. While some people think Miami, Miami Beach, and South Beach real estate could start to come back as early as 2009, others have predicted that it will take much longer, about three to five years. One Florida broker told Reuters that all evidence indicates that the market will worsen before it improves. A real estate lender added that the foreclosure problem is much worse that it seems and that the scope of the situation has not been realized yet.
Prospective buyers can capitalize on foreclosed homes and declining sales prices by scouring the market for the best deals on luxury homes, single-family homes, and condos. To take advantage of the soft market, contact a Miami Investment realtor today.