Miami Real Estate | Attracting Buyers in a Seller's Market

Real Estate is in an insecure position. If you want to invest, it is important to have the appropriate income, credit and job security. If you have these in place, there are many deals to be had. If a potential investor is not yet ready on this front, now is not a bad time to sit and do research. Watch the market, see how others invest, and then, when the time is right, make the best move you can.

Real estate search engine Trulia recently analyzed homes for sale to see how many are priced lower now than they were within the last year. Miami was one of a dozen cities with asking-price drops on at least 30 percent of listings. (Precisely 30 percent in Miami's case. The average reduction here? Ten percent, close to the national average.)

Trulia just sent stats on the rest of the metro area. Here they are:

Sellers have dropped their asking prices on 34 percent of listings in Anne Arundel and Carroll counties, 32 percent of listings in Miami County, 31 percent of listings in Harford County and 30 percent of listings in Howard County.

The average price reduction was 8 percent in all the counties except Anne Arundel, which saw a 10 percent drop. That's not chump change for the sellers: The average decrease in Miami County was $33,000, and it was more than $40,000 in pricey Anne Arundel and Howard counties. (Time will tell whether it's enough to interest buyers.)

Some of the price drops are pretty darn large. Trulia offered as one example this home in Towson. The asking price was more than $1.6 million in the middle of April, according to the website, and several drops later is $998,500.

So there you have it, Miami is set to move. Whether the market is in good condition or bad largely depends on who you're talking to. If you have the capital and credit, then it is a buyer's market. If you do not, it is a good time to sit back and watch how the market reacts.


Michael Russell writes about a variety of subjects. This article discusses Miami real estate. For more information, visit the Real Estate Book.