Yes, winter months in South Florida enjoy snow … well, snowbirds. These northerners descend to our warm, tropical climate and often fall in love with the energy here and our dazzling blue skies. This year, we will likely see an uptick in visitors because of Hurricane Ian’s destruction along the west coast. This will inevitably spill over into the real estate market, making the first quarter of the year an ideal time to list your home.
Housing inventory remains low, and while the market is not as explosive as early last year, South Florida’s luxury market is predicted to be the second top luxury market in the world in 2023, according to Robert Frank, CNBC. “Miami remains a popular haven for the wealthy, given its low tax rates and growing number of financial firms locating their headquarters or offices in South Florida.” Add snowbirds into that mix and Coral Gables and nearby homeowners will be in a unique position if they choose to sell their property.
The unprecedented increased equity many have witnessed in our area also adds to the unique opportunity to sell your property, particularly if you are looking to downsize or rightsize. While the percentage increase varies by state and city, the national average shows the typical homeowner who’s owned their property for 5 years has seen an incremental value of over 60%. Those homeowners who have owned their home for 30+ years have seen an increase of over 288%, according to the Federal Housing Finance Agency.
All these factors are very enticing for those of you considering selling a property. However, in order to maximize the potential profit when selling your home, I recommend aligning with a local, established Realtor with national reach. My team and I receive weekly calls from out-of-town Realtors referring clients. This type of networking is indispensable when trying to widen your net for potential buyers. Additionally, ask any prospective Realtors if they advertise in key relocation markets such as New York, Boston, Chicago, California and Texas. A Realtor who invests in feeder markets knows the value of balancing local prospects and transplants.
Winter in Miami is my favorite time. The weather, the festivals and, yes, even the snowbird traffic. I delight in sharing our paradise with others and making them new neighbors while helping locals prepare for their next chapter.