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Miami's Real Estate Market: After Hurricane Irma
Friday, October 20, 2017
The days on market metric shows how quickly homes sell in an area. Before the hurricane hit, homes in the Miami market were selling within 50 days of going on the market. This is a sign of a healthy real estate market.However, after the hurricane, the days on market metric has increased to 64 days. Many real estate experts believe that this number will come back down once things return to normal. There are now more homes on the market with repairs needed. This deters some buyers from placing an offer on a home.One of the best things about the current real estate market is the interest rates. Interest rates have never been lower than they are right now. If a buyer has good credit, they can get a loan with a great interest rate. This is a magnificent opportunity to save money over a long period of time.After any natural disaster, property values are going to be negatively impacted. However, the real estate market in Miami has not been as influenced as many people thought. At one time, it looked like the hurricane was going to go straight through Miami. Luckily, it turned right before landfall.Since the hurricane, property values have decreased by about three percent. Although this is not a major move, it is still a big financial hit to people in the area.There are some people who are saying sell my house to local real estate agents in the area. Instead of trying to repair their home after the storm, they would rather sell the home and move to another area.With the influx of homes on the market, it may take a little longer than normal to sell a home. However, now is still a great time to think about selling. With so many people saying sell my house, finding a quality real estate agent is vital. You need to work with someone who is an expert on local real estate in Miami.