Luxury Services REAL ESTATE Miami

Dear Neighbors and Friends,

On behalf of the Carrera Consulting Group Family of Realtors, happy Spring 2023! Springtime in Miami & Coconut Grove is one of the best times of the year to list homes as we have an influx of affluent Buyers in the market enjoying our stunning weather and amazing South Florida activities. The market update in North Coconut Grove is that we are clearly trending into a Buyer's market, despite inventory remaining low. The interest rates have come slightly down, and Buyers are now more comfortable understanding that the days of 2% interest rates are not projected to come around anytime soon. Rental values continue to be high, and ultimately people have to live somewhere. Sellers are adjusting their prices to attract Buyers, and Buyers are recalibrating their needs and wants to accommodate their updated mortgage payment. The values remain relatively strong as compared to a 3–5-year outlook, but we are definitely seeing a trend in price adjustments. At the time of this letter, out of ALL (including $3M + homes) in the NE Grove, 49% have a price adjustment. If we look at the $3M and under active listings, 63% have a price adjustment... These are all signs that values have reached a peak and we are navigating a more balanced market in the short term. Overall, this is a positive especially for those Sellers looking to buy something that better meets their needs while in tandem sell or rent out their current home. Between Art Basel, multiple arts and music festivals, it is no secret that Miami remains a hot and attractive Buyer's market in the long term. The time is now for Buyer's to make a move and negotiate while Sellers list at a price that they are comfortable with selling. Many Sellers have equity so by no means are values plummeting, but there is definitely room for negotiation, seller incentives, and mortgage interest buy downs to help Buyer's ease into the reality of a higher mortgage payment. The deal has to make sense for all parties involved so working with knowledgeable expert negotiators, like my team and I, is of critical importance to getting to the closing table in a win-win fashion . Without a doubt, there is limited inventory, and we continue to see sweeps of groups of feeder markets scooping properties throughout Miami. Follow me as we navigate the market together and as always, feel free to connect with me! If there are any questions you'd like answered in our next edition, or you would like your home featured, I am at your service. With Love,

Lina Carrera Managing Broker South Florida Office

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