u/CaptFalco1214

Hello all. My wife and I will be looking at buying our first home in the next 6-7 months in the Miami Fl area (Kendall). Our gross is about 24k a month, so looking in the 600-700k range, possibly higher if it’s a home that truly has most of what we want.

It seems that many listings in this price range and around 800k have been sitting for a while, 30-60 days or more, and new listings are lower than usual instead of the initial absurd asking price which has resulted in a few of them going under contract quickly. Also, we’ve noticed that in many of our saved listings, the ultimate sold price in almost all of them have been lower than the asking. Of course, this is trusting Zillow and realtor app information. I feel that in the last few years these homes would’ve been sold quickly and not be sitting for so long, but correct me if I’m wrong. It seems that it has flipped into a buyers market in the last year or so and especially now. Many listings have several price cuts, some even within one month.

I guess my question is, do you all think this trend of lower prices is going to continue in this market/price range? There are a few properties that we really like and would be able to buy now, however, we currently rent and would have to break the lease which is about and extra 6k and I would hate to give them a dime more than I have to. Also, we are using these next 6 months to really pay down any remaining debt we have, though we aren’t worried about getting approved. I’m worried that something will change again and that in 6 months it will become a sellers market when it seems right now many sellers are willing to negotiate and give concessions.

Thanks!

Hello all. My wife and I will be looking at buying our first home in the next 6-7 months in the Miami Fl area (Kendall). Our gross is about 24k a month, so looking in the 600-700k range, possibly higher if it’s a home that truly has most of what we want.

It seems that many listings in this price range and around 800k have been sitting for a while, 30-60 days or more, and new listings are lower than usual instead of the initial absurd asking price which has resulted in a few of them going under contract quickly. Also, we’ve noticed that in many of our saved listings, the ultimate sold price in almost all of them have been lower than the asking. Of course, this is trusting Zillow and realtor app information. I feel that in the last few years these homes would’ve been sold quickly and not be sitting for so long, but correct me if I’m wrong. It seems that it has flipped into a buyers market in the last year or so and especially now. Many listings have several price cuts, some even within one month.

I guess my question is, do you all think this trend of lower prices is going to continue in this market/price range? There are a few properties that we really like and would be able to buy now, however, we currently rent and would have to break the lease which is about and extra 6k and I would hate to give them a dime more than I have to. Also, we are using these next 6 months to really pay down any remaining debt we have, though we aren’t worried about getting approved. I’m worried that something will change again and that in 6 months it will become a sellers market when it seems right now many sellers are willing to negotiate and give concessions.

Thanks!