Market Conditions in Miami>Question Details

Erika, Home Buyer in Miami, FL

Not many people are buying in this market in Miami...Are people still renting? Are there more renters now?

Asked by Erika, Miami, FL Tue Oct 2, 2007

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Yes, many people are looking to rent, and more rentals are coming on the market as owners of condos and townhouses find it more and more difficult to sell them.
0 votes Thank Flag Link Tue Oct 2, 2007
We have noticed a drastic change in rentals in the Miami Area - I think Marie definitely hit the reasons. Now a hot rental market gives indication to a changing market, not that it will happen soon, but according to property cycle studies...it's a great sign.
Take a look at this article when you have a chance.
0 votes Thank Flag Link Tue Oct 2, 2007
I think so, and for several reasons. First, buyers are being very cautious, nobody wants to pay more than they have to for a property and I think buyers are waiting to see if we’ve bottomed out. Secondly, mortgage requirements have tightened up for some folks. And lastly we have some sellers that would rather but their house for rent then to lower their asking price.
I practice in an area called Pinecrest. I have never in my ten years of practice have had put a house for rent – today I was asked to put two on the market for rent.
0 votes Thank Flag Link Tue Oct 2, 2007
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