Tech Industry Could Boost Miami’s Housing Market

When most people think of Miami, the first thing that comes to mind isn’t usually the city’s prominence in the tech industry. However, Miami-Dade, Broward and Palm Beach counties are home to 8,167 technology businesses, the 12th highest in the country according to Census data by Computing Technology Industry Association. With growth of the industry on the horizon, it could most certainly impact our local housing market.

Amazon Still Eyeing Miami

Along with other cities, Miami is still in the running as a destination for Amazon’s second headquarters. The company expects to invest over $5 billion in construction and create as many as 50,000 high-paying jobs.

Housing and Real Estate Investments Could Benefit

For many reasons, there is growing interest in Miami from the tech world, which could result in a boost to the housing market. The cost of living here is less than in other major metropolitan cities like New York or San Francisco. Secondly, entrepreneurs and investors may look to take advantage of the state’s tax laws by purchasing property and establishing business-friendly Florida as their personal “home base.”

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

Homebuyers are Undeterred by Rising Interest Rates

Despite the recent increase in interest rates and the new tax hikes set in place at the end of 2017, home sales were higher than expected early this year, according to the National Association of Realtors. In the luxury home market sales were up 19 percent from a year ago.

Few Concerns from Buyers

With the prediction of interest rates increasing later this year, many buyers are interested in locking in rates now, which is causing a rise in demand for luxury housing. With a better job market and the possibility of mortgage rates increasing in the near future, buyers are in a prime position to make a purchase.

 Luxury Home Sales Increasing

Newly released data from the Miami Association of Realtors shows that in March the Miami luxury single-family home market posted gains of 10.3 percent year-over-year. This increase in sales and urgency from buyers means now is an opportune time to list a luxury property.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

What Rising Interest Rates Mean for Miami’s Real Estate Market

The Federal Reserve recently raised key short-term interest rates and maintained the current forecast for three hikes this year. The rising rates not only signals a strengthening economy, but it also has specific meaning for the real estate market.

Buy Sooner Than Later to Save on Mortgage Payments

With rates rising, the best time to buy a home and save money on a mortgage is now. Even if you plan to purchase a property with a large down payment, rising rates can have a major impact on what you spend on the home in the long run, especially on multimillion-dollar mortgages.

Real Estate Continues to be a Strong Investment

Rising interest rates also mean that the economy is healthier than it was before the crisis of 2008. In fact, the Federal Reserve foresees the economy growing faster than they projected in December with a growth of 2.7% this year, up from the previous forecast of 2.5%. This is positive news for the real estate industry, particularly for investors.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.