Are you planning on buying a home in the DFW in 2020 or selling your home? If so, the good news is that home prices are confirmed to continue increasing in the coming year.
Here’s what most experts predict we will see in the coming year with the real estate market:
▪ Stephen Rutchik, executive managing director of office services, Colliers International South Florida:
“There will be more leasing activity going into Downtown Fort Lauderdale, Brickell and Downtown Miami. For every tenant that we see that leaves Brickell, there’s more than one new-to-market or that’s expanding that takes the real estate. [And] Wynwood has yet to fully emerge as an office market. Tenants haven’t gone to Wynwood in mass because there hasn’t been an office market. But in 2020, Wynwood will emerge as a strong office market.”
▪ Danny Hertzberg, sales associate, of The Jills Zeder Group, an affiliate of Coldwell Banker Residential Real Estate:
“The domestic buyers from the northeast and California are more focused on sea-level rise. They buy more new construction because of the higher elevations. We expect to see this continue […] I [also] expect in Sunny Isles, Downtown Miami and Brickell for there to be a pullback in pricing in the first six months. These are the areas with the biggest challenge in inventory.”
▪ Mike Pappas, president, and CEO, Keyes Company
“I think it will be a stronger year for luxury condo and single-family home sales than this year. We’ve seen a strong pick-up in the northeast buyer in the third and fourth quarters. The state and local tax deductions, SALT, will play an in favor to Florida. [And] sellers are making adjustments in prices. You’re seeing price breaks and that bodes well for buyers.”
▪ Ron Shuffield, president and CEO, Berkshire Hathaway HomeServices EWM Realty
“We are ending 2019 with good activity in the luxury condo and single-family market and we expect this activity to continue into 2020. The increase in sales is fueled by sellers appropriately pricing their single-family home or condo.”
▪ Rose Sklar, team leader of The Sklar Team, affiliated with Coldwell Banker Residential Real Estate
“What’s doing better in Broward is the $1 million- to $2 million markets. The prices are coming down for any single-family homes in Broward that are over 20 years old. There’s an oversupply of big houses. The millennial buyers, the biggest buyer pool, they don’t want to pay for bigger homes because of student debt and because they are deciding to have families later in life.”
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