Is the Miami Real Estate Market Crashing?

I’m constantly asked if there will be a market crash? The difference in this cycle vs the last is that majority of all sales that have taken place in the last years have been cash. 70% of all sales in Miami Dade county between 2009-2014 were in cash and per the Miami association in December 2018 50% of all condo sales are still cash. This means people owe their properties in full. Would you walk away of all your investment? No way! Now prices have come down in parts of the city and most likely will continue to how there is a low of inventory. Some People will lose a small percentage of what they paid if they really need the money but not all do which is why your not going to see a correction and discount in price but not people walking away from all their investment. The Miami real estate market is not crashing but lowering. A crash would be a 50% or so discount. In the areas of Miami that its been a buyers market for over a year its come down 10% if that in some areas. Miami Real Estate market conditions are favorable for buyers in 2019. For getting the best deal Joanna Jimenez and the Opes Group can help you.

Is the Miami Real Estate Market Crashing?
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