In most markets in the country, Labor Day is the official end of summer because children are back in school and the weather starts getting cooler. Along with students settling in their seats, the real estate market also starts to slow down since parents try to make their move to align with the start and end of school.
As anyone who lives here will tell you, Miami is not like most cities in the country about anything and real estate is no exception. We actually have two real estate markets, the “traditional” one that is from Spring to Summer and the “snowbird” market that is from Fall to Spring. So basically, year round!
With the huge number of sales we are posting in 2012 and the amount of cash that is still out there, I do not see the market slowing down.
If you are a seller that had been considering selling but were holding back until prices came up, now is a good time to list your home. Inventory is down, demand is up, and prices in many of our neighborhoods have increased. If most sellers wait until the “traditional” listing season, you will have more competition next Spring.
If you are a buyer, know that competition is tight. You are going to need to be prepared if you want your offer to be accepted. If you are not paying cash, be pre-approved for a mortgage. The more money you put down, the stronger your offer will be. Know the market and the listing history of the house you are putting an offer on. If the house is price well based on relevant sales in the neighborhood and the house has not been on the market long, don’t make a lowball offer. It isn’t the buyer’s market it was two years ago.
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