Miami Real Estate Adjusts as Pandemic Pricing Fades and Buyers Regain Ground

Written by:

Steve Marcinuk

Date:

18 Nov 2025

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The Miami residential market is undergoing a significant transformation as the inflated prices of the pandemic era give way to more balanced conditions. After years marked by intense competition that made homeownership unattainable for many locals, the market is now shifting into what industry professionals identify as a clear buyer’s market.

Joey Waknin, a Realtor Associate with United Realty Group who has worked in Miami real estate for nearly 11 years, is seeing this change up close. “We’re definitely in a buyer’s market,” Waknin says. “We’re seeing properties stay longer on the market for sale, we’re seeing a consistent drop in pricing, and we’re seeing an increase in inventory.”

A Career Forged in Market Shifts

Waknin’s journey to Miami real estate began with a decision to leave behind Canada’s cold winters for South Florida’s mild climate. With a psychology degree from McGill University and experience in clinical research, he moved to Miami 11 years ago, at a time when remote work was rare.

“I had a trip with my brother, and as soon as we landed back home, it was a snowstorm. Same week, I booked a flight to Miami,” Waknin recalls. “Within three months, I packed my place, sold my condo, and moved here.”

His transition from healthcare to real estate was motivated by a passion for design and architecture. “I love anything that has to do with design and architecture, and I wasn’t in the mood to go into architecture because of studying again. I figured what would be the closest thing to architecture that will get me into all these beautiful buildings and beautiful architecture that we have in Miami.”

Applying Psychology to Real Estate

Waknin’s clinical background has proven valuable in handling the emotional aspects of real estate transactions. “When it comes to any real estate transaction, there’s heightened emotions, so it’s very stressful,” he says. “A lot of first-time home buyers put all of their savings and hard-earned money into one transaction. So it’s very scary.”

This perspective helps him guide clients through challenges such as inspection concerns and disagreements between couples. “There’s also couples not always seeing eye to eye as to what their needs are, what their wish list is. So you do use a lot of psychology to navigate the conversations and to be the level-headed individual in the mix.”

Building a Business on Referrals and Relationships

Over more than a decade in the industry, Waknin has grown his business primarily through word-of-mouth referrals rather than heavy marketing. This approach has allowed him to witness full client journeys. “I’m seeing the entire cycle from initial renters to buyers, and then from buyers to ‘we need to upgrade’ to sellers, and from sellers, ‘oh, well, we need an investment property,’” he notes.

His multicultural background—Canadian, Israeli, and now American—has enabled him to connect with a wide range of clients across different communities. “Being my Israeli heritage, Canadian upbringing, and now American living with added local flavor influence. So I’m seeing a lot of repeated clients, or by referral, which is exciting, because that just means that I did a good job.”

Using Technology for Client Education

Waknin maintains a strong social media presence, but his focus is on educating clients rather than promoting himself. “My goal is really to be of service to you and to guide you in the transaction and in the process,” he explains.

This educational approach is particularly useful for international clients who may be unfamiliar with U.S. real estate regulations. “If you’re, for example, a Canadian buyer, and eventually you want to sell your property, well, there’s FIRPTA, the foreign real estate property tax act. So there’s going to be withholding with the IRS. How do we navigate that?”

Market Reality and Buyer Challenges

The shift to a buyer’s market is correcting the pandemic-era price surges that pushed many would-be homeowners out of the market. “During the pandemic, all the numbers, all the prices, all the values, just skyrocketed and inflated for no valid reason, and people unfortunately weren’t able to buy into the market,” Waknin says.

Many buyers found themselves in a cycle of being outbid or unable to afford homes because their incomes didn’t keep pace with soaring property values. This led to longer periods spent renting, which depleted savings.

The upfront costs of renting add another hurdle. “When you’re renting a property, you’re expected to pay the first month, the last month upfront, a security deposit equivalent to a month, and most times security deposit to the association, that’s another month. So you’re talking about four months right off the bat to cough up, which is basically most times a down payment, if you qualify.”

This financial strain makes it even harder for renters to save enough for a home purchase, keeping many in the rental market longer than they might prefer.

Normalization and New Buyer Opportunities

Now, the market correction is creating openings for buyers who previously could not compete. As inventory rises and prices adjust, the financial equation is becoming more favorable for those looking to transition from renting to owning.

The normalization of the market is seen as a return to more sustainable conditions after the artificial inflation of the pandemic period. For buyers who have been waiting, increased inventory, longer time on market, and more realistic pricing are making it easier to find suitable homes.

Broader Trends in Miami and Beyond

Miami’s evolving market mirrors broader national trends as real estate markets across the country adjust after the disruptions of recent years. For industry professionals like Waknin, who have experienced multiple market cycles, these shifts are to be expected and ultimately support the market’s long-term health.

The current environment favors buyers who are ready to act and sellers who price their properties appropriately. This balance encourages a healthier, more sustainable market in the long run.

Looking Ahead for Miami’s Residential Market

As Miami moves away from the seller-dominated landscape of the pandemic, the city’s real estate market is entering a new phase. Buyers now have more negotiating power, and sellers need to be realistic about pricing and market expectations.

This shift is likely to continue as inventory remains elevated and demand stabilizes. For buyers, especially those who were previously priced out, this is an opportunity to enter the market under more favorable terms. For sellers, it’s a reminder to adjust expectations and recognize the importance of proper pricing and presentation.

For real estate professionals like Waknin, adaptability and a client-focused approach remain essential. His emphasis on client education, relationship-building, and psychological insight positions him well to guide clients through the changing landscape.

Miami’s real estate market, known for its resilience and ability to adapt, is once again adjusting to new realities. As the city continues to grow and attract new residents, the balance between buyers and sellers will shift, but the fundamentals of sound real estate practice remain constant.

The current period offers a more navigable path for buyers and promotes a healthier, more sustainable market for all participants. As Miami continues to evolve, both industry professionals and clients will benefit from a renewed focus on long-term value and realistic expectations.