Naturally, many of the people who are invested in the local real estate market are pleased to see that the number of distressed properties that comprised the inventory have gradually decreased at a steady rate. However, that does not eliminate the fact that there are many things which only the future holds.
Majority of the properties that have been going on the market for property prices of under $300,000 are often distressed being either foreclosures or short sales. Over the first quarter of 2011, there have been at least 64.7 percent of sales made that involved distressed properties, but that figure dropped to 53.0 percent in the following quarter of the same year which many believe to be indicative that the number of distressed properties are finally clearing out as they had hoped.
Being faced with improving market conditions, the Miami real estate market has also been noted to have property prices going up on non-distressed Miami homes for sale which are agreeably a result of the dwindling inventory on distressed properties. Now, people have been turning to the much better home properties that are now on the local market as opposed to the bargain deals which have been swept off the housing market by previous buyers.
Many real estate experts are enthusiastic to see how things are going to turn out in the near future as good sales reports continue to stack as the months go by. As we see a lot of today’s real estate buyers looking into the best of their options keep growing, there are less properties to compete over which makes the competition quite tough, particularly for real estate buyers that are working under tight budgets against those who are willing to buy for cash.
Nevertheless, people can expect to see additional home properties being released onto the local market as soon as the perfect time sets everything into motion. However, the suspense of it all lies in the fact that no one knows exactly where these Miami homes for sale are going to be located and when they are finally going to be placed on the local market, but these issues are going to serve as less grave threats because since the Miami real estate market is already doing a good job at the rate it is going.
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