Written by: Real Estate

Is Now The Right Time to Buy?

Without having a crystal ball, it is impossible to answer this question with any real certainty; but, the abundance of recent developments all over Miami and South Florida have some people wondering.

It is impossible to deny the shear number of new projects ongoing and upcoming that will forever change the landscape and skyline of the iconic backdrop of our beloved home. From ultra posh high rise condos, to wildly luxurious homes- new possibilities are buzzing, opening the door for both investors and home seekers. Many willing and abled buyers are racing off to the pre-sale office just to be in line for a piece of the “New Miami”. It is easy to see the market is feeling the heat, and demand is at a premium.

But, it’s not just the shiny and new that has folks asking tough questions. Prices of existing homes have been increasing over time now at a fairly even paced rate. With mortgage rates fluctuating due to many factors outside of a buyer’s control, many fear the possibility of being priced out in the not so distant future. Quite simply, if I don’t buy this year, how much more will it cost me next year, or any other time down the road? This is an important factor to first time buyers trying to make the leap to home ownership.

Tight rental inventory has driven prices towards an ever apparent advantage to owning your own home. Interestingly, long time homeowners now reintroducing themselves to the market are finding themselves experiencing sticker shock over the growth in prices.

With prices already higher than ever in some areas, and a never ending stream of internationally influenced buyers being added to the local pool, there might not be any time to hesitate.

In a city where minutes can equal dollars, the clock is always ticking.

Although we don’t have a crystal ball to see into the future, we do have our memories and can look back. If past trends are the best predictors of what is to come, it is fair to say, the future is bright for Miami. Stepping up on the map as a world class destination, this city has become one of the hottest Real Estate markets once again.

As trends continue to point upward, it may be time to make a move- before it’s too late. Be smart. Equip yourself with the right knowledge and tools to make the best decision.

Elena Kemper is a realtor in Miami with 30 years of experience. Ranked in the top ½% of Realtors nationally, Elena specializes in providing exceptional service to clients, both selling and buying properties.

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Last modified: September 5, 2014