The real estate market is continuously changing. A few years ago, it seemed to slow down, and most of the main investors were immigrants that were looking for a second vacation home. However, the market had seemed to turn upside down, and since 2016 and 2017, local residents and U.S. citizens are coming back for real estate investments.
The Miami real estate market seems to be one of the favorite for the upcoming years. The weather, coziness, and investment stability in this city is dragging investors every day. The most interesting part is that those investors come from every generation.
Ten years since the housing crisis, middle-aged people have fixed their credit offer. This is offering them the opportunity to reinvest their money back in the market. They seem to be buying second homes and also investing in properties as a way to gain future profits (either by reselling or renting). And due to the great deals in Coconut Grove and Coral Gables, this seems to be an amazing opportunity for this generation.
Regarding the Baby Boomer generation, they’re downsizing or buying second homes. People from this generation already own a property, and are settled in life. But real estate is pretty attractive to them since it’s the safest way to use and keep your money, while making a profit. However, most of them are just investing in real estate to purchase a second home to spend their vacations. And there’s no destination like Miami to do so. So, you can figure out that this is a great move for South Florida’s real estate market.
Last, there’s the Millennial generation. This is the youngest generation to have the economic opportunity to invest in real estate. Since they are tired of paying rent, the Millennials have done some great work at saving money, and now have enough to get into the market and buy a property of their own. This is a generation mostly made up of single families and full-time local residents, so this will help the Coral Gables and Coconut Grove housing market, since the properties here meet the needs of these types of investors.
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