The days of the McMansions have been put on hold for now. What is selling in Miami are the smaller homes on smaller lots in neighborhoods that are close to shopping and transportation. Most of the homes fitting this description are under $500,000 and many are under $300,000 and are therefore perfect for first-time homebuyers.
If you have a home that fits this description, now is a good time to sell since inventories in these price ranges are low and buyers are often bidding above asking. Many of these buyers want to be under contract prior to the end of April in order to qualify for the First Time Homebuyers Tax Credit.