Increasing Condo Values in Miami Beach Is It A Good Time Sell?

Over the past several years, the Miami Beach real estate market has stabilized, and we have experiencedincreasing condo values in Miami Beach. Nowadays we are receiving a lot of questions from Miami Beach condo sellers wondering if now is a good time to sell.

I did a quick search this morning and in this example we see about a 29% increase in value from 2012 to 2014 based on sold prices. It is important to know there are neighborhoods, buildings and single family homes in Miami Beach where the property values have increased at a much higher rate than any of these average numbers below. There are also some areas that have grown less.

Miami Beach real estate is a hyperlocal neighborhood of Miami, and it’s key to compare apples to apples. Getting down to the very nitty-gritty.

City > Neighborhood > Street > Building > Unit Line > View > Finishes > & more.

Here is a quick snapshot of the general Miami Beach market which shows increasing condo values in Miami Beach for years 2012, 2013, 2014.

This, of course, has led more people to look at their current condo and attempt to decide whether or not now is a good time to sell? Some people think we are at the top of the market while others feel that there is still a lot of growth in the market. No one has a crystal ball, and there are a lot of factors that play into our market that are both domestic and international.

The significant questions for many Miami Beach home sellers are:

Will the prices continue to rise?
What will market look like in 12 months?
Will I get a better price if I wait little longer?
Are the prices going to top out or bottom out?

Real estate goes through the cycles, and it can be challenging to predict the exact timing of an adverse market. Sometimes you just don’t know “how bad” it can get while other times selling prices are setting records. Every owner situation is different and unique so below are some tips to help you start thinking outside of just the cyclical factors.

In the end, most buyers and sellers are not typical hardcore real estate investors buying at the top and bottom of markets; rather they have everyday factor that play into the decision-making.

Here are some tips outside of the typical boom and bust hype

Consider the current Miami Beach inventory

As with any area, the number of properties for sale has a definite impact on selling prices and how long your home is likely to remain on the market. Be sure to note comparable properties within your building, surrounding buildings and neighborhood.

Low-Interest Rates

Although interest rates are still at historically low rates, they may not stay this way. With the lower rates, buyers can afford more expensive properties. As soon rates start to climb back up, this makes borrowing money more expensive. Bottom line: You can take advantage of selling while rates are low.

Plus, you can leverage the opportunity and to sell and buy at this time as well.

Downgrade to a better small space or move up to a larger space

Maybe it’s time to sell and move into a smaller more manageable property. Or, perhaps your family is growing, and you need a bigger condo. Selling your current property first might be the best option. The profits from your home can come in very handy when starting the process of purchasing your next property. Can you handle two mortgages? Even if you can, it may be easier to get a better and higher loan after you sell your current property.

Your current property needs updating and renovating.

You are at a point in your life where you don’t have time to deal with renovations and updates. Maybe you have found yourself living in a huge home, and you don’t have the time, funds or energy to maintain it any longer. So the simple answer is to sell your current property and move into a more updated smaller more manageable condo.

In summary, now can be a good time to sell your Miami Beach home, as long as you go into it with your eyes wide open.

Your situation is unique so take the time to study your local market, find the help you need and make sure it makes sense to you. We are here if you need help.

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The compilation of listing and market data information is provided by our local MLS system Miami Association of REALTOR®s. All information provided is deemed reliable but is not guaranteed and should be independently verified. I am human and errors can occur, if you note something off, let me know so I can check into it.

Do you have questions about selling or buying real estate?

Call me today at 305-793-8965. We realize that you may not be ready to buy or sell today and are probably in the planning stages. That's just fine. Many of our clients are several months out from doing anything and that is why we take a simple, no pressure approach when working with new clients. Of course if you are ready to buy or sell quickly, we can help with that too.

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