Looking ahead and exploring our predictions for the Miami housing market in 2024:
1.   Increased Supply: As interest rates have started to come down and homeowners are getting used to higher rates, the supply of homes will likely increase. Additionally, new construction projects will add to the available inventory.
2.   Boost in Buyer Activity: The drop in interest rates, along with improved wages and employment and increased inventory, WILL drive increased buyer activity.
3.   Rental Price Adjustments: With a rise in availability, asking prices for rents are expected to decrease. Also,  even more supply may come from homeowners who opt to put their properties up for rent instead of sale when making a move.
4.   Location will continue to be Key:   With the return to traditional office settings and a significant increase in traffic, the proximity of home to work and nearby entertainment will play a vital role for homebuyers
5.   Buyers will face less competition: Although more buyers are expected in the market, the scene will be less competitive as many investors may stay away.
6.   Price Appreciation: Experts forecast a 3% to 4% price appreciation in the housing market for the upcoming year.
7.    Strategic Selling: As home supply increases, sellers will need to put in more effort to maximize profits. Properties that showcase their best features and are correctly priced will yield the best results.

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