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July 2020 Miami Real Estate Market Update
Dated: July 20 2020
According to Fannie Mae, 61 Percent of Americans Now Believe It’s a Good Time to Buy a Home, and with interest rates again hitting all time lows, why wouldn’t it be???
As of the beginning of this month, the pending sales for Single Family Homes and townhomes were at the highest point this year! That’s great news and showing recovery in the market.
While closed sales are still down slightly year over year, they are bouncing back, and with pending sales at their peak of the year, I expect sales to keep climbing also.
Now while condo sales have been more sluggish to recover, they are making their comeback also with pending sales near their peaks for the year and the number of closed sales has begun to climb.
So, what else has been dropping other than interest rates? Home inventory!
While condo inventory really hasn’t dropped, inventory of single family homes have! So for buyers, while it hasn’t been a better time to buy with such low interest rates, you’ll probably find you have more competition.
Sellers? This could be a great time to sell as buyers can now afford more, and with low inventory, there will be competition for your home. Are you concerned about strangers walking through your home? Well, of course masks are worn, but there are other tricks to get tons of people seeing your home without them actually walking through it. Wonder what those tricks are? Give me a call!