Tere Shelton Bernace is the broker and co-owner of Shelton and Stewart Realtors.
Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Tere Shelton Bernacé, broker/co-owner of Shelton and Stewart Realtors.
Miami Agent (MA): We’ve reported that prices are rising in Miami and across the country. Interestingly, sales are declining in many parts of the country, but in Miami, demand remains strong. Is that consistent with what you’re seeing in your market?
Tere Shelton Bernace (TB): I actually see a little bit of decrease in new sales, just because inventory is low; buyer demand is high, but supply is not meeting that demand, at least in single-family homes and in the price range that I work in, which is $1.5 million and up. So, I think the reports of rising sales in Miami might be a bit skewed by the condo market; there’s so much new pre-construction and many new projects in areas such as Brickell, Biscayne, Sunny Isles, Aventura and Coconut Grove. That’s not statistical; that’s just what I see in the market.
MA: A recent study indicates that consumers are better off buying than renting in Miami. Is that something you’re seeing as well?
TB: I’m working with people who rather buy than rent, but they’re just not finding the right homes. The higher you go in price range, the more unique or specific the requirements of a buyer. It might be that there are three or four homes that meet the general criteria of the buyer, but when we go in and actually see them, it doesn’t work. They’re all just very different; you’re not dealing with track housing or neighborhoods of 500 new homes that are all similar, where you can predict how much will sell in a certain amount of time. I think people who aren’t finding the right house are just opting to rent for a while, and doing that might work well for people who are moving to Miami for the first time and aren’t quite sure exactly where they want to be or what they want. But if a buyer knows what they’re looking for and they find it, I think it’s a good time to buy. Interest rates are low, and prices continue to increase, so if the right home is on the market, now is the time to buy.
MA: Real estate is a very time consuming industry, so what are some ways that you help yourself save time?
TB: One way that I help myself save time is by cultivating really great relationships with other Realtors. Sometimes, if I’m looking in a particular neighborhood, I make calls to a couple of Realtors who are active in that area and get their insights on what might be the right home to show. It’s different than just looking on the MLS for something; there might be plenty of choices that pop up that meet the criteria, but if I have a good relationship with two or three brokers that might be active in that area, that helps me save a lot of time.