Why Now Is the Best Time To Buy a Condo in South Florida

This year brought a lot of challenges, some of which we still have overcome to this day. But for every grey cloud, there is a silver lining. Despite lockdown and shelter-in-place restrictions, some real estate markets are showing signs of recovery. Take Greater Miami real estate, for instance. Below, we give you five reasons why now is a great time to buy a condo in South Florida.

1. We have a balanced market

   Unlike in other real estate markets where the demand and supply ratio is favoring one group in particular, Miami has just the right mix of buyers and sellers in the market.

   That means there is ample interest in Miami real estate and enough homes in the market to meet the demand. There is plenty of room for negotiations especially for home buyers looking to buy homes below asking price.

2. Miami ranks high nationally in terms of real estate appreciation

   With an annual home appreciation rate of almost 7 percent, Miami is in the top 10 percent of real estate markets that show consistent real estate appreciation. Although sales have slowed down this year because of the coronavirus pandemic, this long standing trend is expected to continue for years to come.

   Taking into consideration the data from the past 12 months, the appreciation rate for Miami real estate is 5.34 percent according to Neighborhood Scout.

3. There is a great variety of condos for sale in South Florida

   It is no secret that South Florida has an oversupply of condos, and that is not a bad thing. As a buyer, you are given plenty of options. This great range allows you to find the condo that fits your budget, your lifestyle, your needs, and your long-term goals to a tee.

4. Mortgage rates continue to be low

   One of the most prevalent trends in real estate this year is the historically low mortgage rates. Although we have seen some increases by a few points in the past weeks and months, interest rates continue to be low for 15-year and 30-year fixed mortgages. If you are opting to secure financing for your real estate purchase, this is something to think about.

   Read here to read more about mortgage interest rates here.

5. You are ready

   Personal readiness is the main driver in determining the best time to buy real estate, whether it’s a home, a townhouse, or a condo. If you are emotionally, mentally, and financially ready to purchase a condo in South Florida, then it may be time. We recommend sitting down with your real estate agent to go over your real estate opportunities and explore the possibilities.

The Connie Cabral Group can make your search for condos for sale in South Florida much easier. Let us help you. Get in touch with our team today at 305.776.0899 or connie(at)conniecabral(dotted)com.