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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.
The Importance of Proof Reading…
I have lived in Miami for over 20 years and would have a hard time following these directions “6 BLACKS NORTH OF MIARCALE MIE”. I am not making that up. Luckily I played a lot of “Scramble” as a kid and deciphered it to read 6 blocks north of Miracle Mile….
The National Association of Realtors Rallies Congress on Real Estate Issues
Today the National Association of Realtors will be in Washington DC to address several real estate issues that Congress is contemplating to address the federal deficit. Some of the issues being addressed include:
- Mortgage Interest Deduction: long enjoyed by homeowners, this deduction has been recommeded to be eliminated as part of large tax reform proposal
- Capital Gains – Exclusion on Sale of Residence: reducing or limiting the capital gains exemption ($250,000/$500,000) on the sale of a home is also being discussed.
- Property Tax Deduction: possibilty that current deduction would be reduced or eliminated.
NAR is tackling other issues as well via their 2012 Federal Public Policy Priorities.
Miami Real Estate: Prices on the Rise
Miami and Phoenix are seeing a rise in asking prices, based on a Trulia Price Monitor Report. There are still a lot of good buys out there, but many buyers are frustrated when a new property comes on the market and goes under contract almost immediately. Decreasing inventory and aggressive pricing by listing agents, mean you have to act fast if you are serious about making a purchase. If the property is priced right, don’t try to negotiate it down too much, if at all. I listed two properties last week that both had multiple offers within the first two days. The first property had all offers at asking price and we went to a multiple offer situation where we asked for highest and best. Total time on market was 6 days.
The second property had several offers on the second day. One agent had his buyer offer slightly over asking and put down 10% as an initial deposit, upon acceptance. The seller accepted his offer. Two days later, a higher offer came in from a buyer who was desperate because she had just lost out on a short sale and needs to move fast.
If you are a buyer, be ready to put your best offer forward early on. If you are a seller and get multiple offers, don’t second guess your pricing or hold out for something even better. The reality is that you get the most activity on a listing when it first goes on the market. The longer you wait, the less you are likely to get.
Riviera Drive Gets A Facelift
I drive Riviera every day on my way to and from work and love all of the renovations that have been going on on that street between Hardee and U.S.1.
Whether on a waterfront lot, like the house below, or a dry lot, over 6 homes have recently had major remodeling done.
I love the new look!
7601 E Treasure Drive – Bank Approved Short Sale
This bank-approved short sale at The Grandview Palace in North Bay Village has water views from every room. Other features include:
- crown molding
- baseboards
- updated kitchen with stainless steel appliances, granite counters & a pantry
- two full baths
- two good-size balconies
All this for $136 per squar foot!
7925 SW 55 Avenue in High Pines, First Time Open 12:00-2:00
Come by for lunch and preview this updated home.
3/2, newer roof & septic, hurricane shutters, gas stove, room for pool and great price $449,000!
Miami Real Estate: Rent vs Buy? That Is The Question…
During a Sunday get together, the rent vs buy question came up and a lively discussion ensued. The individuals who were pro-renting argued that renting provided:
- cash flow/opportunity cost: not having money tied up in a mortgage, taxes, and insurance, allowed more money for investing, travelling, miscellaneous purchases
- flexibility: if they wanted to move into different neighborhood, change size , or relocate for a job, their choice is not dependent on first having to sell their home
- better lifestyle: they argued that they could rent a nicer place in a nicer area than they could afford to purchase
- maintenance-free living: don’t have to worry about repairs, yard work, pool cleaning
The pro-buyers argued that buying was better because:
- it builds equity: which helps build your net worth. It is basically a forced way of saving money.
- tax benefits: interest on a mortgage is currently tax deductible, thereby reducing taxes you owe
- gives you control over finances: you are not subjected to rental increases
- stability: since home ownership is fairly long term, owning a home creates a sense of security and community
- maintenance: don’t have to wait for landlord to change or repair something. Have control over quality of work of repairs and type of work done (i.e wood floors vs changing carpet)
Obviously both renting and buying have their pros and cons. The New York Times rent vs buy analysis says that overall, if you stay in a place for 5 years or more, you are better off financially buying. This analysis assumes that the landlord pays utilities, which for the most part in Miami-Dade is not the case. The tenant usually pays all utilities, except for those that are provided by, and included in, the condominium’s maintenance fee.
So what side of the fence are you on and why?
7925 SW 55 Ave, High Pines
Location, Location, Location! This house is walking distance to South Miami plus:
- Updated kitchen with stainless steel appliances, gas stove, granite counters,
- Newer roof and septic tank
- Hurricane shutters
- 3bedroom/2 bath/1 car garage
$450,000. 7925 SW 55 Ave., details
Miami Real Estate: Positive News Locally Bucks National Housing News
Several articles in newspapers this week plus the Case Schiller index, help to illustrate the importance of remembering that real estate is local. Just because national housing news is negative, does not mean that is the case in Miami!
Miami real estate prices appear to be stabilizing and in some areas are actually starting to creep up.
Miami Real Estate Market: Active Rain Survey Shows Agents Bullish on Miami Real Estate
Active Rain’s Real Estate Recovery Survey show that agents in the Miami-Ft Lauderdale market believe the real estate market in their areas are improving. What do you think?
Data provided by ActiveRain.com. Join 215,590 Real Estate Agents on the world’s largest Real Estate Social Network.
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