What lies ahead for Miami’s residential market? According to Joey Waknin, Realtor Associate at United Realty Group, Inc., the landscape is experiencing a significant correction, opening new opportunities for buyers who were previously unable to compete. In a recent interview, Waknin discussed emerging trends and what market participants should anticipate in the coming months.
“We’re definitely in a buyer’s market. We’re seeing properties stay longer on the market for sale, we’re seeing a consistent drop in pricing. We’re seeing an increase in inventory,” said Waknin, who has nearly 11 years of experience in the Miami market and a background in psychology.
The Miami residential sector has shifted significantly from the pandemic period, with notable changes in pricing power, inventory, and buyer access.
Waknin highlighted several dynamics currently defining Miami’s residential market. The city is undergoing a post-pandemic correction, as prices and property values that “skyrocketed and inflated for no valid reason” during the COVID boom begin to stabilize. This adjustment is restoring a sense of normalcy to a market that had grown detached from local income realities and long-term affordability.
At the same time, accessibility is improving for local buyers who were previously priced out or outbid by international investors. The recalibration is allowing more Miami residents to participate in homeownership opportunities that were once beyond reach. However, Waknin noted that rental market pressures remain a concern—many renters are proving they can afford homeownership through high monthly payments, yet continue to see their savings depleted with each move, highlighting ongoing affordability challenges in the city.
Waknin sees particular promise for first-time buyers and local residents in the current market. “A lot of them were stuck in this loop of, well, now I’m, I guess I’ll keep renting, instead of owning property,” he noted, referring to buyers who were previously priced out but now have renewed access to homeownership.
Current conditions are giving these buyers improved negotiating power and more realistic pricing, allowing them to enter the market after years of being sidelined by speculative activity and foreign investment.
“When you’re renting a property, you’re expected to pay the first month, the last month up front a security deposit equivalent to a month, and most of the times security deposit to the association, that’s another month. So you’re talking about four months right off the bat to cough up,” Waknin explained.
This structure creates a situation where potential buyers show they can afford substantial monthly payments, but their savings are eroded by the high upfront costs of renting. The challenge is helping these buyers recognize that their rental expenses could be redirected toward building equity through homeownership.
For buyers navigating today’s market, Waknin advised making the most of the current correction. “Well, wait a second, I could have spent those like 30, $40,000 into a mortgage, into a property that I can eventually own, and now I’m just giving it as a rental,” he noted, pointing out the financial advantage of moving from renting to buying.
He also recommended that buyers work with agents who understand the entire transaction process and can guide them through different phases, from initial purchases to eventual upgrades and investment properties.
When discussing future prospects, Waknin underscored the positive side of the current correction. “I would say it’s a good thing, because during the pandemic, all the numbers, all the prices, all the values, are just like skyrocketed and inflated for no valid reason, and people, unfortunately weren’t able to buy into the market.”
The move toward more sustainable pricing suggests a healthier long-term outlook that favors local buyers and realistic valuations over speculative investment. This correction is laying the groundwork for a more balanced market that prioritizes residents rather than investors seeking quick returns.
