In Miami’s current housing market, buyers are finding themselves with a distinct negotiating advantage: by mid-Q3, sellers outnumbered buyers by more than two to one. As someone who’s spent over thirty years guiding clients through South Florida real estate, I can tell you this type of leverage doesn’t come around often. However, it’s important to look beyond just price. Five out of six tracked lenders recently raised their 30-year fixed rates, with the average mortgage rate now edging closer to 7% for Miami buyers. The difference between lenders has grown significant—one tracked rate spread reached over a full point, which could mean about $330 more per month on a $400,000 loan. While higher mortgage rates tend to slow home sales, this shift is also giving buyers more room to negotiate. My advice: if you’re considering a purchase this fall, take full advantage of your bargaining power, but be sure to compare lenders carefully. A strategic approach to both price and financing can make all the difference in today’s evolving Miami market.
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