T
he 2024 holiday season is behind us, and 2025 is just around the corner. As a trusted Realtor, I'm often asked about the market's current state. My response? It depends on whether you're buying, selling, or leasing. This question sparks conversations that allow me to provide customized services.

    This year, I've shifted my focus towards looking ahead. The residential real estate market is facing significant headwinds, including rising interest rates and insurance costs. Homeowner association fees are also increasing sharply. In 2024, many were reactive, but those with vision have learned from their experiences and are planning for the future.

    According to the Miami Association of REALTORS, the median sales price for all homes is expected to increase by 6.5% in 2025, with a 9.7% rise for single-family homes. However, I disagree with this projection. For homes worth under $2M, my colleagues and I are seeing extended market times and little to no appreciation in prices. In fact, some properties have already seen value softening.

    If you're planning to sell, it's essential to act now! If you own a condo older than 10 years and valued at less than $1M, be cautious. The condo market is slow, with prices already sliding. A new Florida law requires condo associations to collect funds for reserve accounts based on Structural Integrity Reserve Studies (SIRS). This will impact the safety of residential buildings.

    My advice? If you can barely afford your first home, still buy it! Your costs are relatively fixed, and you'll always find ways to increase your income. Long-term, the market tends to rise. Investing in your future is always the best approach.

    I recently discovered Miami-Dade County's 3-1-1 service, which provides concierge access to non-emergency municipal services. This includes assistance with property taxes, recycling, garbage collection, potholes, animal issues, and more. I've had positive experiences with this service, and it's an excellent resource for residents.

    As of December 4th, there were 160 properties for sale in Pinecrest, 17 homes pending sale, and 13.3 months of inventory (a buyer's market). If you're ready to move, contact me for expert guidance and realistic expectations. You can find more information at miamihal.com/getstarted.

    I invite you to explore past episodes of my The MiamiHal Real Estate Show on miamihal.com/the-miamihal-real-estate-show to stay up-to-date with the latest real estate news and insights from experts.

    For more local community news, visit Miami Community Newspapers at https://communitynewspapers.com. They offer daily news, online resources, podcasts, and multimedia content covering a wide range of topics, including local events and business updates.