epare more than ever when they decide to sell their home or condo. Sellers have truly been spoiled over the last few years because all they had to do was put their property on the market and it would sell at or above their asking price. They didn’t have to worry about curb appeal or making sure everything looked like a model on the inside. It is “back to the basics” time in Miami real estate. It is amazing what a little paint and new carpeThere is no doubt that the Miami real estate market is changing to favor buyers more today. You can’t pick up a newspaper today without reading something negative about the Miami real estate market. One thing to keep in mind when reading articles that bash the real estate market is where the data comes from. Reporters are looking for sensational articles and generally don’t take the time to analyze all of the available data. Although it is true that inventory levels are up and sales are lagging from the previous year, it doesn’t necessarily mean that the real market value is going down.

If you compare sales data from 2006 to that of 2005 you will see that the level of available inventory is up and the closed sales are down. Does this mean the market is going down? That is a bit of a tricky question. Since 2004 and 2005 were record years for sales, you have to go back a few years and take a look. With the understanding that real estate, like the economy is cyclical, you know that you will experience peaks and troughs in the market. The percentage of available inventory in the Miami real estate market today is similar to what we experienced in 2000. The only difference is now there are more new condos and homes out there. Most of the articles you read in the media that say “prices are going down” don’t give you all of the details. They are basing their articles on asking prices instead of the closed sales. They look at statistics from the multiple listing service and only look at reductions in list prices instead of what price the properties are actually closing for. This makes for a great article, but does not give consumers an accurate picture of the market.

With more inventory on the market it does mean is that sellers now have to prepare more than ever when they decide to sell their home or condo. Sellers have truly been spoiled over the last few years because all they had to do was put their property on the market and it would sell at or above their asking price. They didn’t have to worry about curb appeal or making sure everything looked like a model on the inside. It is “back to the basics” time in Miami real estate. It is amazing what a little paint and new carpet

rue that inventory levels are up and sales are lagging from the previous year, it doesn’t necessarily mean that the real market value is going down.

If you compare sales data from 2006 to that of 2005 you will see that the level of available inventory is up and the closed sales are down. Does this mean the market is going down? That is a bit of a tricky question. Since 2004 and 2005 were record years for sales, you have to go back a few years and take a look. With the understanding that real estate, like the economy is cyclical, you know that you will experience peaks and troughs in the market. The percentage of available inventory in the Miami real estate market today is similar to what we experienced in 2000. The only difference is now there are more new condos and homes out there. Most of the articles you read in the media that say “prices are going down” don’t give you all of the details. They are basing their articles on asking prices instead of the closed sales. They look at statistics from the multiple listing service and only look at reductions in list prices instead of what price the properties are actually closing for. This makes for a great article, but does not give consumers an accurate picture of the market.

With more inventory on the market it does mean is that sellers now have to prepare more than ever when they decide to sell their home or condo. Sellers have truly been spoiled over the last few years because all they had to do was put their property on the market and it would sell at or above their asking price. They didn’t have to worry about curb appeal or making sure everything looked like a model on the inside. It is “back to the basics” time in Miami real estate. It is amazing what a little paint and new carpe

ew years and take a look. With the understanding that real estate, like the economy is cyclical, you know that you will experience peaks and troughs in the market. The percentage of available inventory in the Miami real estate market today is similar to what we experienced in 2000. The only difference is now there are more new condos and homes out there. Most of the articles you read in the media that say “prices are going down” don’t give you all of the details. They are basing their articles on asking prices instead of the closed sales. They look at statistics from the multiple listing service and only look at reductions in list prices instead of what price the properties are actually closing for. This makes for a great article, but does not give consumers an accurate picture of the market.

With more inventory on the market it does mean is that sellers now have to prepare more than ever when they decide to sell their home or condo. Sellers have truly been spoiled over the last few years because all they had to do was put their property on the market and it would sell at or above their asking price. They didn’t have to worry about curb appeal or making sure everything looked like a model on the inside. It is “back to the basics” time in Miami real estate. It is amazing what a little paint and new carpe

you all of the details. They are basing their articles on asking prices instead of the closed sales. They look at statistics from the multiple listing service and only look at reductions in list prices instead of what price the properties are actually closing for. This makes for a great article, but does not give consumers an accurate picture of the market.

With more inventory on the market it does mean is that sellers now have to prepare more than ever when they decide to sell their home or condo. Sellers have truly been spoiled over the last few years because all they had to do was put their property on the market and it would sell at or above their asking price. They didn’t have to worry about curb appeal or making sure everything looked like a model on the inside. It is “back to the basics” time in Miami real estate. It is amazing what a little paint and new carpe

epare more than ever when they decide to sell their home or condo. Sellers have truly been spoiled over the last few years because all they had to do was put their property on the market and it would sell at or above their asking price. They didn’t have to worry about curb appeal or making sure everything looked like a model on the inside. It is “back to the basics” time in Miami real estate. It is amazing what a little paint and new carpet can do for selling a property. There are some great deals in the Miami real estate market if you know where to look.

For savvy buyers and investors now is the time to buy. There are some tremendous deals to be had if you know where to look. It has been several years since buyers have had this much leverage when negotiating terms and pricing. That is where a knowledgeable real estate agent comes into play. Paul and Carole Hansen have been working as top Realtors for the last eight years in the Miami real estate market and can help you make an informed decision whether you are looking to buy or sell. Choosing an experienced agent is one of the most critical decisions you can make when purchasing real estate. Please call today and put our knowledge to work for you. 786-586-4778 or 786-586-4780