2021 so far has been a turbulent year as COVID continues and people are still uncertain when it will all end. Despite being more than a year into the pandemic, some areas such as the housing market are bouncing back. This is especially apparent in the Miami real estate scene. Increasing supply accompanied by very increasing demand is creating a highly competitive market, even in the wake of COVID. This surge can be attributed to a number of different components.
For starters, potential sellers are getting more comfortable with the idea of selling their homes during the pandemic. Although nerve-racking at first, both parties have found just how easy it is to complete the transaction. Sellers are feeling more confident in making big financial decisions now that businesses and vaccine availability is on the rise.
The economy is starting to bounce back so more listings are being created. A new wave of buyers is starting to arrive which means more people are confident with making big purchases in today’s market. Numbers have already shown that more money is being poured into listings everywhere, especially Miami.
However, as a result of the huge influx of listings and potential buyers, prices have considerably increased. Compared to last year, more houses and properties have been sold, but the prices have increased. This may have negative consequences on the housing market as buyers may be less enthusiastic about purchasing properties which can therefore throw off the balance of an already delicate market.
CMC Group offers luxury real estate all over Miami and is eagerly awaiting your inquiry! Contact us today!