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Buy
Congratulations! You have finally made the decision to take the step and buy real estate. Whether this is your first purchase or 15th, for your primary residence, vacation home, or investment real estate, there are steps you need to go through to ensure the process is a smooth one.
- The first step is to get pre-approved by a lender for a loan. This can be directly from a bank you do business with or through a mortgage broker. This is the most important step to take. Once you are pre-approved, you will know how much house or building you can afford or better yet, how much of a house or building you feel comfortable with. The lender or mortgage broker will give you an idea of what your monthly costs will be and will give you a Good Faith Estimate of closing costs to let you know how much money you will need to bring to the closing table to finalize your purchase.
- Know what you are looking for. Once you are pre-approved, decide what your ideal neighborhood, home, or investment property would be. Are schools important or is it more important that you be close to work? Determine what the “must haves” are. These are the specifics of the property or neighborhood that you are not willing to give up but would be willing to sacrifice a “nice, but not necessary” for. This could be an extra bedroom, pool, specific school district, waterfront criteria etc. Knowing what you are looking for both in a neighborhood and home or investment property is extremely important as it will help keep you focused. Once you narrow down your wants, you will realize you don’t have to look at everything on the market, only those specific properties that meet your criteria.
- Work with a Realtor! I know that sounds like something I would say since I am one but, whether you work with me or another Realtor, a knowledgeable Realtor really will be able to make the process easier. This is my career and I specialize in getting the information you need all in one place. Even if you are a master websurfer, I can help you by giving a one-stop shop for answers, resources and information you will need to make your buying decision. I will even create your own website for you so you can surf the MLS instead of having to go to every real estate site on the web.
Another Amazing Week At EWM’s Coral Gables/South Miami Office
Last week we did over $21,000,000 in sales. This week was over $17,500,000 with 32 sales and only 14 new listings. Inventory in Miami-Dade is decreasing steadily, as illustrated in the graph below. Inventory is even tighter once you start looking in a specific price range and community.
Miami Real Estate Is Moving!!!
Still doubt the Miami real estate market is rebounding? EWM’s Coral Gables/South Miami office did over $21,000,000 in sales this week. We had 12 new listings and 21 sales. Inventory is decreasing and buyers are still out there in droves.
Stop Unwanted Junk Mail, Sales Calls, E-mails
I just received an e-mail from a client who closed on their new home in December and now find themselves flooded with unwanted junk mail. One of the small negatives of purchasing property is that the tax roll information is picked up by just about anyone selling everything!
Luckily the Federal Trade Commission can help you end all that unsolicited mail and annoying calls either on-line or by calling a number.
More Signs The Economy Is Improving
There was a great Viva Miami MediaPlanet insert in today’s Miami Herald titled: Miami Grows followed by, “Industries unite in the expansion of PortMiami, as the city sets sights on becoming an economic engine for South Florida and the nation”.
Though obviously a promo piece, it spews out some positive numbers:
- PortMiami contributes more than $18 billion annually to South Florida’s economy
- Cruise industry up over 2010
- MIA’s air cargo trade is worth more than $50 billion
Construction projects in and around the airport and port are currently underway to maximize additional cargo and improve the related transportation and logistics involved with moving it on to it’s final destination.
The insert also mentions new residential construction projects that are planning to break ground, since only 4,000 of the 23,000 condo untis built during the boom are still waiting for buyers.
Thinking of Buying Real Estate For Your Children?
I started receiving graduation announcements from friends’ children and my own son will be graduating in May. With all that is going on in the economy, I started thinking that maybe my husband and I should buy real estate that one of our three children could eventually live in. If you consider how much properties, salaries, job opportunities and the stock market has dropped and how much rents have risen, it kind of makes sense doesn’t it? Would you purchase property that your children could live in once they graduate? Or have you already?
Is Renting a Temporary, Short Term Trend or Part of the New Normal?
Rents are tight in most markets and, due to the numbers of foreclosures, short sales, and number of people who have lost their jobs or have had their work hours decreased, the trend is expected to continue at least for the short term. However, Jim Woodard predicts this is a temporary trend.
If you are a renter, you may want to consider the affordability index in the city you live and work in and calculate the cost of renting vs. buying. If you are a landlord, you may want to look at Money Magazine’s Best Cities to Be a Landlord list
Miami Real Estate: The Market Continues to Improve
Still don’t think it is time to get into the real estate market? Our Coral Gables EWM office had another phenomenal week, posting over $14 million in sales. We only took five new listings yet had 23 properties go under contract. Although prices are bouncing along the bottom, as inventories decrease we expect to start seeing prices start to head up. These increases will be neighborhood and building specific.
How Important Is the Mortgage Interest Deduction to You?
Tom Kelly addressed the issue of the mortgage interest deduction going away. Many argue that it is one way of raising taxes and decreasing the bulging federal deficit. What do you think?
Related blog:
Mortgage Interest Deduction: Should It Be Phased Out?
Miami-Dade County Public Schools Continue To Improve
An article in Wednesday’s Miami Herald stated that Miami-Dade County Public School District students outperform their national peers on their National Assessment in Education Progress (NAEP) exams.
The quality of our public schools and the educational options we provide parents, increase Miami’s ability to attract and maintain businesses by providing an educated workforce. Increased businesses = increased # employees = increase in home sales.
Miami Real Estate: More Signs Market Is Improving
Technology jobs tend to be higher paying jobs and according to Bloomberg BusinessWeek, three of the ten cities leading the nation in tech jobs are in Florida. Miami ranked seventh, Jacksonville ranked fourth and Tampa ranked 8th. High paying jobs + buyer’s market + high affordability index = real estate sales. The challenge for these three cities will be providing the skilled workers required for these jobs because although the tech jobs are increasing, if the companies providing the jobs can’t find employees in-state, the will hire them from elsewhere. That will still improve our real estate market, but won’t help lower our unemployment rate.
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