Aside from the abundance of beaches, the Miami homebuyer is motivated to buy a home due to the allure of the sunny Florida weather and its equally bright housing market.
Expectations for the Miami market’s continued growth, favorable interest rates and home prices were cited as the top reasons that people are buying. Homebuyers in Miami want a home that’s going to last, so they take their time. It takes the Miami home shopper around nine to 12 months to find a quality-constructed home to stay in for the next 10 to 16 years. About 88 percent of shoppers use a real estate agent to help them with their search.
The Most Important Qualities to Look for in a Home
• Quality of construction
• Safer neighborhood
• Better floor plans
• Low maintenance costs (time and money spent)
• More living space
New Versus Used
• 22 percent of Miami-area home shoppers prefer newly built homes.
• 51 percent of Miami-area home shoppers prefer used homes.
• 27 percent of Miami-area home shoppers are indifferent.
Why Buy a House?
• Tired of current house
• Favorable interest rates
• Favorable home prices
Time Frame When Searching for a New Home
• The majority of buyers (29 percent) search between 9 and 12 months.
• 12 percent of buyers spend 6 to 9 months looking for a home.
• 12 percent of Miami-area homebuyers spend 3 to 6 months searching for a home.
• 17 percent of home shoppers find a home in less than 3 months.
Local Housing Stats
• The average home was built in 1982.
• The average Miami homeowner will stay in their home for 16 years.
• Miami home shoppers are 9 percent more receptive to newly built homes than the national average.
About 80 percent of home shoppers in the Miami area will use a real estate agent.