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Archive for the 'Buying' Category
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The Difference between Cost vs. Price
Sellers and buyers of real estate often fixate on what the price of a property is and in doing so, lose sight of the more important factor, cost. Price is what you get for the property if you are a seller and what you pay for it if you are a buyer. However, what affects both seller and buyer on a monthly basis is the cost. In addition to principal, interest, taxes and insurance costs, there are maintenance costs and maybe association fees.
If you are a seller, consider how much it is costing you to carry that property each month you don’t sell it. Based on the inventory of similar properties in your area vs the number of sales, you can calculate how much it is going to cost you to continue carrying that property for the average number of months it is taking to sell properties in your area. I suggest you cut your sales price and take the loss upfront vs slowly cash out each month.
If you are a buyer, realize that there has never been a better time to buy than right now. You have a large number of options, the interest rates are the lowest they have been in decades and there is the government tax credit that expires at the end of April 2010. If you are waiting for prices to go down lower, consider the cost of owning if the prices go down but the interest rates go up. If prices come down 10% more, but interest rates inch up only 1% your monthly payments are going to be roughly the same.
Small Homes Are Back In Demand
The days of the McMansions have been put on hold for now. What is selling in Miami are the smaller homes on smaller lots in neighborhoods that are close to shopping and transportation. Most of the homes fitting this description are under $500,000 and many are under $300,000 and are therefore perfect for first-time homebuyers.
If you have a home that fits this description, now is a good time to sell since inventories in these price ranges are low and buyers are often bidding above asking. Many of these buyers want to be under contract prior to the end of April in order to qualify for the First Time Homebuyers Tax Credit.
100 Edgewater Drive – Water’s Edge Condominium
This low-rise garden condominium is located on the Coral Gables Waterway. It is ideally situated between Coconut Grove, South Miami, and downtown Coral Gables, making it popular with young professionals, students and retirees alike. The units are spacious and feature ample closet space. Rentals range from $900-$1100 for one bedrooms and $1500-$1800 for two bedrooms. One bedrooms list for sale in the mid to high $100,000 and the two bedrooms are in the $200,000. Low maintenance fees and a stable association are additional benefits. 
Miami Real Estate – Homes Below $300,000 Get Lots of Activity
The real estate market in Miami continues to be driven by properties priced under $300,000. I listed a home this week in this price range and had 8 offers within the first 5 days, all at or above asking. Many of the would be buyers expressed frustration at losing out to cash buyers or having banks stall the process if the property was a short sale or foreclosure. If you are thinking of selling your home and have a home in this price range, chances are if you price it right you will get multiple offers, even above asking!
Miami Real Estate – Miami Not On Forbes’ Latest List
The latest Forbes real estate article, America’s New Housing Crisis Capitals, lists metropolitan areas were prices are still dropping with continued declines expected. Thankfully, none were in Miami-Dade, Broward, Palm Beach or Monroe counties!
Miami Existing Home Sales Rise in December
Although nationally existing home sales fell in December, sales of single family homes in Miami were up 37% over November. With the median price of both single family and condos down significantly and the expiration of the first First Time Homebuyers Tax Credit coming up in April, sales are expected to continue rising in the first quarter.
Miami Real Estate – 48 SW 48 Ct
Great price for this 3 bedroom 2 bath home on double lot near Coral Gables, Miami International Airport, Downtown Miami. Wood floors add warmth to this 1948 charmer.
Miami Real Estate – Lots Of Movement In All Directions
The 2010 real estate market has started out all over the place, both nationally and locally. On a national level, the lousy weather has had a negative effect on the new home segment, with construction on new homes and apartments falling 4% overall in December (construction rose in the South by over 3%). Applications for new building permits, however, increased by 11%.
Locally, the market has been moving a lot, keeping buyers, sellers, renters, and Realtors, on their toes. There are constant price adjustments on properties already listed, both upward and downward; properties priced well are going under contract (last week the EWM office in Coral Gables that I work out of had $21,000,000 worth of transactions) and renters are snapping up deals as downward pressure on rents, especially in condos, has given tenants more negotiating room.
Miami Real Estate – Should You Continue Renting Or Buy A Home?
Many economists are predicting a significant hike in home prices over the next 5 years, so if you are a renter who has been debating on whether or not now is the right time to buy, you may want to take a close look at the numbers. In her article, Ten Cities To Go From Renting To Buying, Francesca Levy states that although renting isn’t always cheaper than buying in the ten cities mentioned in the article, home buyers are likely to get a good return on their investment.
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