Properly priced homes in Miami-Dade and Broward counties are going under contract within weeks. Overpriced listings are sitting for months before sellers either cut or withdraw entirely. The gap between the two outcomes reveals less about market weakness than about seller psychology still anchored to peak-era comparables, according to Lawrence Resnick, a Realtor with The Paz Group covering Miami-Dade and Broward counties.
Resnick points to a recent residential listing that started at $5 million and now sits at $4.2 million. “It’s not that the market is getting cheaper or softening,” he says. “It’s the fact that they priced it at a number they thought they could get, that they saw other people get.” The market has stabilized after the post-pandemic surge, but a significant portion of sellers have not adjusted their expectations to match.
The pricing disconnect is compounded by deferred maintenance. Many long-term homeowners bought at far lower prices, sometimes $500,000, and are attempting to sell at $2 million without having invested in updates. Buyers recognize this immediately.
“Everyone knows that I have to buy this home; I still have to put money into it. I’m not paying that number,” Resnick says. What drives whether a home sells is the condition and the price being equal or relative to each other.
Sellers who accept this reality are moving properties quickly. The Paz Group listed a home a few weeks ago that went under contract within two weeks, priced correctly from the start. Those who resist eventually either reduce or withdraw entirely, choosing to stay rather than accept a number below their expectations.
Resnick says he will not take listings with clients who are not willing to be realistic about the market. His role, as he describes it, is to separate the emotion from the transaction, to understand what the seller is trying to accomplish next, and help them make decisions based on that goal rather than on a number they wish they could get.
The dynamics of who sells and why have shifted. During the period of historically low rates, homeowners moved freely, upgrading, downsizing, or capitalizing on equity gains because the math worked at roughly 2.5% interest. That fluidity is gone.
“Now I feel like you’re only moving if you have a motivator,” Resnick says. “You’re downsizing, you’re starting a family, you have a job in a new place. Those are the main motivators now instead of just the rate is good, I can afford more home.”
This shift means inventory turns more slowly, and the emotional stakes for sellers are higher. Resnick’s approach centers on identifying the client’s actual motivation and using it to help them visualize their next step rather than fixating on a number that no longer reflects the market. A seller who is downsizing, for example, will have a lower payment going forward, and that financial benefit can offset the disappointment of selling below an aspirational price.
For buyers still waiting for rates to drop before purchasing, Resnick’s position is direct: “Everyone that’s waited hasn’t won. If they were waiting last year or the year before, if you look at the market now, they’re not winning.” His argument is that inflation pushes building costs higher over time, which means the cost to construct the same home tomorrow is always rising. A buyer who waits for a lower rate may face a higher purchase price, and may end up with the same monthly payment regardless.
For investors – who make up the bulk of Resnick’s client base – the opportunity in Miami-Dade leans toward working-class neighborhoods and properties that require hands-on management rather than Class A assets. He names Hialeah for its reliable tenant base and improving conditions, and highlights Little Haiti, Little Havana, Little River, and Buena Vista as areas experiencing rapid appreciation.
“All the stuff that’s not pretty is all the stuff that makes money,” he says. “If it’s Class A and super luxury, then the return is much lower. Yes, it’s safer, but the return is lower.”
Areas that had unlivable properties available at low prices three or four years ago have shifted dramatically. “Now you can’t get an unlivable property for under a million dollars,” Resnick says of the Buena Vista pocket. In Broward County, he points to Sistrunk and Oakland Park as neighborhoods following a similar trajectory.
His recent transactions reflect the scale his investor clients operate at: a $10.5 million mobile home park in Georgia and a $16.8 million portfolio of over 100 affordable housing units across more than 50 buildings in Broward County. Roughly half of his clients are based in Florida; the other half relocated their capital from out of state – many from Philadelphia, where Resnick started his career 12 years ago. The migration itself says something about the market: landlord-friendly laws that allow evictions within 30 to 60 days, compared to jurisdictions where the process takes far longer, make Florida more attractive for investors managing rental portfolios.
Resnick views Florida’s continued population inflows as the fundamental support for prices. He cites a statistic he recently encountered: over 500 new residents arriving in Florida daily, while New York loses just over 100 per day.
“That can’t mean anything bad,” he says. “The only thing that means is that if that continues, the prices will continue to stay stable or may go up a little bit because of supply and demand.”
For sellers weighing whether to list now or wait for conditions to improve further, the implication is that holding out for 2022-level prices means competing against steadily growing demand that pushes correctly priced homes off the market quickly. The sellers who are succeeding in this market are the ones who price to current comparables on day one, not the ones waiting for the market to catch up to their expectations.
About the Expert: Lawrence Resnick is a Realtor with The Paz Group, covering Miami-Dade and Broward counties, Florida. He began his real estate career in Philadelphia 12 years ago.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
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