As a homeowner and Realtor Associate® with Berkshire Hathaway HomeServices in Coconut
Grove, Florida, I'm here to help you figure out if and why right now is a good time to buy a
property in Miami, Florida, and to gather all the information I can for your advantage.
Why Purchasing Miami Real Estate is a Golden Opportunity?
Miami real estate is hot & sizzling, making now an amazing time for buyers and sellers to
capitalize on strong demand and limited inventory. With South Florida's bustling economy,
migration trends, population growth and appeal to investors, owning a property in Miami could
be one of the best decisions you make.

Extremely Constrained Inventory

• Miami has just 3.8 months of available housing supply as of June 2023 data, a
  very low number.
  
• Such scarce inventory leads to intense search for homes, a bidding war, and very
  few listings to choose.
  
• Low supply allows sellers to command top dollar for their homes.
  
• As a buyer, you must act decisively when you find a home you like or risk losing
  out the opportunity to own.
  

Skyrocketing Demand

• Miami home prices rose over 25% in 2021 as buyers flooded the market. And in
  2022 again rose around 17%.
  
• Ongoing population growth continues fueling demand, with Miami's population
  up 15% since 2010.
  
• Major companies adding jobs like Tesla, Amazon, and Citadel are attracting new
  residents.
  
• Remote workers are also moving to Miami in droves, further spiking housing
  demand.
  

Immigration Growth

• As a gateway city, Miami has long attracted immigrants, especially from Latin
  America.
  
• From 2010-2019, Miami's foreign born population expanded 30% to over 1 million
  residents.
  
• Political and economic instability in most parts of Latin America sustains
  Miami's appeal for immigrants seeking security & opportunity.
  
• According to the Tampa Bay Economic Development Council, Florida ranked #1
  in domestic migration, #2 in international migration, and #1 with the most people
  moving in per day at an average of 1,218 people.
  

Heavy Investor Activity

• Investors make up a large share of Miami home purchases from foreign buyers
  to developers.
  
• Miami's rise as a global hub makes it attractive to overseas investors seeking
  stable US assets.
  
• Developers eagerly snap up properties to build in the future new rental
  apartments and condos to meet surging demand.
  
• Investor participation makes competition stiff for traditional homebuyers.
  

Comparatively Low Mortgage Rates

• While rates have risen in 2022 and 2023, they remain relatively low historically.
• Locking in a sub-7.5% rate today saves substantially compared to future higher
  rates.
  
• First-time homebuyers can use programs like FHA loans that require lower down
  payments.
  
• Home buyers can also use the available programs for first time home buyers to
  their advantage.
  

Miami offers a world-class quality of life with beautiful beaches, a vibrant multicultural mix,
and a thriving business community. Inventory may be constrained, but buying now when
Miami's prospects are bright could prove to be one of the soundest investments you make in
your life. It’s a golden opportunity to buy into an ascendant global city. Act wisely and
strategically to claim your slice of the Miami real estate market.
You can be confident that my knowledge and experience will provide you the tools you need to
make educated decisions in this ever-evolving marketplace. I'm here to offer individualized
guidance that is catered to your particular needs and objectives as your trusted Forever Realtor.
Here's to an exhilarating future in Miami-Dade County real estate!

RAISING THE BAR FOR REAL ESTATE SERVICES

CONSIDER: Since I'm not a doctor, lawyer but your neighbor Realtor Associate, you should consult a
Doctor, an attorney and your CPA and any other certified professional for your case before making any
decisions. Let’s start working together towards your Real estate dreams. Reach me at 305-776-5677 or
register atwww.juanmestre.comor email mestre.j@ewm.com.
Sourced and digested from several locations including but not limited to:
RisMedia for BHHS.com/blog, EWM Realty, Data from NAR & my knowledge