Miami is a beautiful city in South Florida, and we are here to help you to find, buy, repair, rent, and sell your home.
Today it’s March 2023, and the financial system shows some troubles due to high-interest rates, the collapse of regional institutions like Silicon Valley and Signature Bank, and the war in Ukraine. Why are we here talking about financial issues? Because it may be the only way for Miami to correct its real estate pricing and high inflation! If so, Miami will reopen its door to first-time home buyers and people willing to invest.
Miami had its real estate pricing peak towards the end of the pandemic of COVID 19. It has never been so expensive, and consequently, many families and friends are renewing their rental contracts and moving to less expensive cities and states.
In the years pre-pandemic, Florida was attractive for the weather and not income state tax. During the pandemic, a drastic lifestyle change pushed people to view Miami and the Sun Shine State as a new Paradise. People relocated to Florida from almost all over the country, contributing to high demand for apartments, townhouses, and single-family homes and an inventory shortage that pushed the housing market pricing extremely high at its peak.
Again, today is March 2023, and the inflation is finally flattening and eventually going down. Landlords are struggling to find new tenets at the same pace as one year ago—high conglomerates of sky-high building neighborhoods like Brickell and DownTown show signs of easing pricing.