When is the Right Time to Buy a Miami Condo? 3 Key Factors to Consider

When is the Right Time to Buy a Miami Condo? 3 Key Factors to Consider

Apr 10, 2018 April 10, 2018

Gauging the real estate market at any given time means paying attention to several key factors. To understand if it’s the right time to buy a condo, you’ll need to weigh details personal to you, specific to the local Miami market, as well macro factors both within the real estate market and in the wider political and financial climate.

What’s more, buying a condo for your primary residence versus as a second home necessitates a few extra considerations—it’s a highly personal purchase so it makes sense that the timing of that purchase is personal, too. It’s tough to predict the exact right time to buy a condo in a fast moving real estate market like Miami in particular, but by understanding three key factors that affect timing a condo purchase, you can make informed decisions.

Miami view

Consider: When do most condo sales happen in Miami?

No real estate agent should answer this question with a carte blanche generalization. Instead, you have to drill down into the smaller details of your purchase. What type of property are you buying? Condos on the beach are impacted more by tourism trends than by the school year, while homes and condos in Miami’s more prestigious school districts will certainly see seasonal trends impacted by the school calendar. This makes a difference since these seasons are nearly exact opposites.

High Season Trends
Miami’s tourism high season runs from Thanksgiving until spring, with Easter and Passover acting as the grand finale of the high season. Sellers who want to take advantage of the high season often list properties right after New Year. This means there is more inventory for those looking to buy a condo—but there are also more buyers and the market moves quickly! The low tourism season offers less inventory, but also fewer buyers (and potentially offers sellers more motivated to sell). Which season is right for you to buy really comes down to other factors that impact whether you prioritize selection or price.

Off-Season Trends
Also consider that the summer inventory may not fit your goals. Parents selling a family home or condo will usually plan a move for the summer months and these more family-friendly properties are often listed at the end of the school year. Those buying family condos are often motivated to move in by August—just in time to register and start the first day of school.

All of that said, Miami’s real estate market is a bit less seasonal than it was in years past thanks to changing tourism trends and globalization. Summers used to be dead and real estate professionals would take months-long vacations waiting for high season to come around, but those days are long gone as summer has brought new groups of visitors to the city. Many folks south of the equator, namely Brazilians and Argentinians, visit Miami in the summer (in case it slipped your mind, people south of the Equator are in winter season during our summer!).

Right time to buy: If you are looking for a deal, you’ll likely find it during the summer, but if you want options, then consider starting your condo search during the winter. And there are entirely different considerations covered in our guide if you’re buying a pre-construction property in Miami.

Consider: What are the current macro market conditions?

Understanding the macro market conditions before you buy a condo is something your real estate agent can help you with, but you can also do a lot of the legwork yourself if you know where to look. Basically, there are a two key ways to figure out how a market is doing.

1. Take a baseline temperature reading on the Miami real estate market. The simplest way to do this is to take a look at Zillow’s market health index. Type in the zip code if you know your preferred Miami neighborhood, or just use the city’s name for an overall picture of the local market. So what are you hoping to see? This health index helps you determine if it’s a buyer’s or seller’s market.

2. Look at Miami condo market reports specifically. This allows you to discover trends reported by local real estate agents on the ground and assessing the condo-buying market. These reports are the best source of data-driven information that holistically defines the micro Miami market as a part of the larger political and socio-economic climate right now. Markets can change in a mere month’s time, so use the market reports to watch for trends and read predictions from pros on where the market is heading right now.

Right time to buy: In a buyers market, you can more aggressively negotiate since there’s plenty of inventory. Either a buyer’s or seller’s market can be the right time to buy for those buyers more concerned with finding the right home that they will to keep for many years to come—in this case, smaller price fluctuations are less concerning than other factors. Investors often try to time the market just right, but for personal home buyers, understand that you are building a new lifestyle. Keep the macro market conditions in mind, but don’t allow market conditions to fully determine whether it’s the right time to buy your dream condo.

Consider: Is this the right time in your life to buy a condo?

The final consideration has less to do with the market and everything to do with your personal situation, goals. The right time to buy a condo is, ultimately, the timing that makes sense for your life and feels right. Buying a condo as a second home for the winter is just as big a decision as moving south permanently—both decisions are major purchases and you have to look closely at your own situation and assess how buying a condo impacts your life right now.

Most condo buyers have typically just faced a major life event—an event affecting their lifestyle and finances. A few of these include:

  • Children leaving for college
  • Selling a business
  • Retirement
  • Tax changes
  • Marriage and divorce

These common factors tip people who were on the fence into the category of “actively looking to buy a home.” Where do you fit in? Your answer that should inform your timing.

If your children are off at college but you have no pressing need to move now, then you have flexibility to adjust your timing on buying a condo—depending on market factors you can buy now, or wait nine months if you see trends that the market may become more favorable for buyers.

Some life changes, however, necessitate a faster response. Tax laws change in a matter of months, and interest rates fluctuate, as well. Perhaps you need Florida residency within the calendar year—that means this third factor of your personal lifestyle should certainly outweigh some of the market timing and seasonality factors!

If you’re reading our detailed Miami condo market reports, then you know what changes are on the horizon and if you need to act immediately. If needed, you can buy now and upgrade later. There’s no such thing as the perfect place, so as your life changes, your condo can, too!

Right time to buy: When things align in your life financially, socially, and emotionally then it makes sense to buy your dream condo in Miami. It’s the right time to buy if you are able to buy the condo that you actually want, or if your personal situation dictates that you need to move now. The type of condo you choose might differ depending on these situations, but if all of your life factors have aligned then the simple truth is that any season or market is the right time to buy your dream condo.

Downtown Miami

Contact Us
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

All the Bay Harbor Islands Pre-construction Condo Projects You Need to Know About
Real Estate News All the Bay Harbor Islands Pre-construction Condo Projects You Need to Know About
The once sleepy bayfront town of Bay Harbor Islands, sandwiched between Miami Beach and mainland Miami, is undergoing a renaissance. This small neighborhood has recently come alive with a flurry of new construction activity, as old 1950s buildings, past their prime, are bought and cleared for new, boutique, waterfront condos. Clean, quiet, and pristine, this almost forgotten piece of Miami real estate had stood unnoticed for way too long, considering the building boom of the early 2000s skipped over this part of town. With new zoning rules in place and a prime waterfront location, Bay Harbor Islands’ pre-construction projects rival even those from South Beach, offering extra-large floor plans, the quiet luxury of boutique living, and private marinas with ocean access, often at better price points than Miami Beach. Given the recent surge in demand for luxury housing and scarcity of workable waterfront parcels, several big developers are drawn to the area, as South Florida becomes the...
June 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Preconstruction June 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
South Florida’s pre-construction condo market was abuzz with activity this June. One Hollywood Residences launched sales after a design upgrade and rebranding. Lynd Living started taking reservations for the centrally located Aileron Residences in Dania Beach. And buyers can now tour the exquisite interiors and customizations available at Icon Beach’s new sales gallery. Also this month, the highly anticipated Entourage in the Sun broke ground in Pompano Beach, Selene Oceanfront topped off in Fort Lauderdale Beach, and more news in our complete June 2024 pre-construction condo market round-up for Fort Lauderdale and Palm Beach. Read on below. Sales Launched One Hollywood Residences – Hollywood Taking Reservations Aileron Residences – Dania Beach New Sales Gallery Icon Beach Residences – Hollywood Beach Topped Off Selene Oceanfront – Fort Lauderdale Beach Broke Ground Entourage in the Sun – Pompano Beach Planned/Proposed Oculina – Riviera...
The 5 Most Luxurious Condo Buildings in Edgewater, Miami
Real Estate News The 5 Most Luxurious Condo Buildings in Edgewater, Miami
Surrounded by the eight-acre Margaret Pace Park, Edgewater is one of Miami’s favorite neighborhoods if you want to be close to everything, including the water. The previously low-key area has emerged as one of the most desired locations for luxurious, waterfront living in Miami, with some of the most elegant and sought-after new condo developments on Biscayne Bay. Now, to know which are the best condos in Edgewater, Miami, we are ranking the top five most luxurious buildings in this family-friendly neighborhood to give you an idea of the quality of life, level of design and construction, and price point you can expect if you’re looking at a tranquil, yet high-end, bayfront residence in Miami’s best kept secret neighborhood. First, let’s take a look at the neighborhood itself. This article was last updated on Jul. 17, 2024.   — Why Choose Edgewater, Miami? It is one of the hottest Miami neighborhoods right now for several reasons: It’s close to everything. Living in...
The Future of Downtown Miami: Exclusive Interview with Miami DDA's Christina Crespi
Lifestyle The Future of Downtown Miami: Exclusive Interview with Miami DDA's Christina Crespi
At Blackbook Properties, we are passionate about our city’s growth and love to stay on top of what’s happening next in Miami, so we can keep you updated on future Downtown Miami developments. This time, we visited the Miami DDA (Downtown Development Authority) for an exclusive interview with our friend and CEO Christina Crespi to gain insights on all the behind-the-scenes action that’s making Downtown Miami the most thrilling live-work-play-invest destination of the future. Grab a coffee or tea and listen to what she had to say to our very own Sep Niakan, Miami realtor and founding broker of Blackbook Properties!     You’ll discover in our new video interview how the Miami DDA—Miami Downtown Development Authority—was initially focused solely on this core neighborhood’s economic development. However, in recent years, it has evolved into a community development authority that aims to create a great quality of life for its residents and maintain a positive business environment. Plus...
The 5 Most Luxurious Condos in Surfside, Miami
Real Estate News The 5 Most Luxurious Condos in Surfside, Miami
Surfside is a small seaside community immediately north of Miami Beach and just south of Bal Harbour. It’s a tight-knit community that cherishes its ocean-front living options, beach walks, community center, and overall quality of life.  In our years of experience as a boutique brokerage in South Florida, we’ve seen a growing luxurious side to this beach town that has brought us top-tier residences tucked inside some of the most sought-after oceanfront buildings. In this blog, we’ve ranked the top five most luxurious condos in Surfside, Miami, according to their average listing price and we list all their amenities to help you know this coastal community better This article was updated on July 1, 2024. — Why Choose to Live in Surfside? This family-oriented beach town is perfectly positioned between the glamorous Bal Harbour and world-famous Miami Beach. A pocket-sized neighborhood, Surfside is somewhat of an extension of Bal Harbour and is favored by those looking for a mix of...
All of the Ritz-Carlton Residences in Miami, Miami Beach and More
Real Estate News All of the Ritz-Carlton Residences in Miami, Miami Beach and More
One of the most renowned brands within the hospitality industry, The Ritz-Carlton has a long history of being top of mind when it comes to sophistication, attention to detail, and service. They have made it their mission to stand out with these attributes in their hotels and their residence-only condos, The Ritz-Carlton Residences, are no different. When you own in one of these exclusive enclaves, you can expect a living experience and home with the utmost quality, personalized attention, lifestyle enhancements, and unique moments that make your life a luxurious and curated experience. If this sounds like your way of living, you’re in luck because South Florida, with its amazing landscapes, culture, and weather, has five Ritz-Carlton Residences for you to choose from, with two more in pre-construction development—one in Pompano Beach and one in South Beach.  In this blog, we’ll go through all of these incredible properties so you can learn more about what makes each one of them...