Tips to make your real estate buying experience a smooth one
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.
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.
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.
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.
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.
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?
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
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.
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?
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.