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Miami’s post-COVID real estate landscape has significantly shifted toward new construction homes. The pandemic has undoubtedly altered buyer preferences, steering them toward properties that offer modern amenities and generous living spaces. Moreover, reports have shown that the median home price in Miami in September this year was up 8.4% compared to 2022, reaching $580K, thus indicating a healthy appetite for properties in the region.
According to Shane Graber, founder of Graber Realty Group, the surge in demand for new homes, especially now that the world is recovering from the impact of the pandemic, is no surprise.
“As work-from-home became the norm, buyers started seeking larger but new homes that could accommodate a home office. Four-bedroom homes, in particular, with high ceilings and a lot of open space, are in high demand, with buyers willing to pay a premium for the additional space and modern features,” he shares.
Things have certainly changed since the COVID period. Before the pandemic, Graber shares that the market was steadily growing with moderate year-over-year increases in pricing and demand. Then, as the world practically descended into chaos in 2020, the real estate market followed suit, becoming a seller’s market with low-interest rates and high demand.
Three years later, things have calmed down, and the fundamentals of selling a property have taken center stage. Buyers have become more selective and less forgiving if a home needs work, as they’re likely to pay two or three times the rent for their mortgage.
“During COVID, buyers were waiving inspections, and sellers weren’t required to do much. Due to their higher monthly costs, buyers are less willing to spend more money after closing for repairs,” Graber says. “That’s why it’s increasingly important to present and price a home properly.”
What’s also important is choosing the right real estate broker or agent to market one’s property effectively. Recognizing the shifting buyer preferences and the importance of strategic marketing, Graber Realty Group has doubled down on its commitment to providing tailored, top-notch services.
In response to this new market reality, Graber and his team have adopted a proactive approach that benefits the buyers and the sellers alike. “We put considerable energy and effort into preparing the property for sale. This includes addressing any necessary repairs such as painting, landscaping, flooring, or roofing and properly staging the property,” Graber explains.
Believing the old practice of overpricing to leave room for negotiation to be outdated, Graber insists on strategic approaches to prices, making them as affordable as possible and thus more appealing when presented for viewing.
“Buyers are here, but they’re not rewarding overpriced, unprepared properties. They’re rewarding sellers who have done the work and positioned their properties correctly,” Graber maintains.
His expertise, combined with Graber Realty Group’s customer-focused approach, has played a pivotal role in helping buyers navigate Miami’s dynamic real estate market. Over the years, the team has helped countless clients find the best lifestyle investment, whether a modern home or a new construction townhouse.
Looking into the future, Graber is optimistic about Miami real estate. Having had a front-row seat view of all of the marker’s fluctuations and the challenges it has gone through in the past years, Graber anticipates the current trends—particularly those pertaining to the rise in the single-family homes market—will remain and keep the city’s realty industry robust and resilient.
Reflecting on today’s buyers and their more discerning and value-conscious nature, he insists that this sort of change may be for the better—indicative of bright horizons in the industry.
As Graber reiterates, “People want homes that are not just aesthetically appealing but also well-maintained and reasonably priced. As realtors, our job is to meet these expectations and make each listing stand out in this competitive market, and this is precisely what my team and I aspire to.”
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