2012 will be breakthrough year in real estate according to the experts… in Miami.
Who is FORECASTING WHAT … FOR THE REAL ESTATE MARKET? :
Zillow says: Prices in Miami will remain stable over the next 12 months, although prices will go down in Chicago by 7.6% … and will similarly drop in Atlanta by 8.5%. “Prices WILL soften in Florida … and in the rest of the country… BUT NOT IN MIAMI !!” (according to Steve Harney of Matters, who spoke to a group of Top Real Estate Agents at EWM in Miami last week). Harney demonstrated through recent sales that the propjected prices in real estate will be flat this year (2012) … with Miami pricing being at the same level as in 2002 … but with interest rates in 2002 being at 6.11% as opposed to today being at 3.87%..
Warren Buffet recently advised his secretary (of many decades): “Buying a home right now will be the best opportunity in your lifetime”.
Chris Thornberg has had a change of mind about the real estate market. Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”. He was right. Now he says “If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”. I don’t disagree.
And Celia Chen of Moody’s Analytics reports a 30% increase in existing home sales.
The Restivo Team at EWM is seeing an increase in property sales – both single family homes and condos – in Miami. “When homes start going under contract before they even hit the MLS, as they are doing again now (March 2012) it’s an indicator that the real estate market has not only stabilized but is improving”. Vicki Restivo – EWM Realtors, International.
Considering buying or investing ? Miami is simmering … Many opportunities for buying (and buying well!) right now – in South Florida!
