According to a report by CNN today, pending home sales nationwide, jumped by a surprising 3.2% in March over the previous month. The report goes on to state that overpricing seems to be ending, although, according to this realtor, that is not at all the case in Miami.
Some possible good news for the Miami real estate market is that the greatest gains in pending home sales is in the southern part of the US, which saw an 8.5% jump from February to March, and a 7.7% pending home sales jump from one year ago. President of the NAR (National Association of Realtors) Charles McMillan, said in a prepared statement “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable.”
No one can know for certain the exact time of a bottom in the real estate market, but there are signs that point to a recovery. More people are looking at properties to buy, more realtors are receiving more phone calls from more prospective buyers, than in the past 2 years, and more home showings are taking place. For the real estate market in Miami, that is very encouraging news.