Real estate experts say that we can expect to see more movements in the ultra-luxury end ($5M+) of the market. Because right now we are experiencing heavy discounts. It is the perfect time to book our Miami Beach movers! Miami Beach real estate trends in 2020 are leaning towards many properties going for 20%-30% below the original listing /asking price.
The overall market situation
Miami Beach real estate trends in 2020 are bringing us somewhat of an identity crisis. While before Miami was purely famous for its beautiful beaches, now we have more luxurious neighborhoods and our city has become more diverse. Brickell and Wynwood / Design District are now providing their residents with better shopping and restaurants. One of the biggest Miami Beach real estate trends in 2020 is that many buyers are relocating families or high net worth individuals from high tax states. Join them by contacting our movers Miramar FL! These buyers are looking for a high quality of life with great schools and flock into Coral Gables and Coconut Grove.
Miami Beach real estate trends in 2020: Are you buying or selling?
- Sellers now need to be more aggressive than ever in order to sell their homes. Although many have realized this, we still see many properties that are priced well above market price. That is why they sit on the market for a long period of time.
- The single-family market between $2M and $5M is very overestimated. In order for people to sell this inventory go through their long distance moves, they will have to offer great price reductions and many good deals.
- With elevated construction costs, a once $10M land will now need to sell for $7.5M or $8M to make it attractive for builders.
- On the other hand, at the very high end of the market (above $5M) we have seen 20 sales just in the first quarter of 2019, so we expect the ultra-luxury end of the market to stay much better protected.
1. Advice for Miami Beach buyers in the midst of Miami Beach real estate trends in 2020
While shopping around you should know that many properties are overpriced, but also recognize that some are priced at the market level. Although you can negotiate a discount on some homes, you cannot do that with all the properties. Also, beware of the many subtle, but essential details when shopping waterfront. They range from the importance of East facing homes to the level of water traffic. Both have a significant impact on your privacy.
2. Advice for Miami Beach sellers
As with other markets, you need to be well aware that your prices should be in line with market prices to sell. We at Purple Heart Moving Group advise that you price your property aggressively. Buyers are now hesitant, so they will likely come and make low offers. When you overprice your single-family home, be ready for low offers.