RENT! I would type it in a bigger font if I could. Forbes.com voted Miami #2 place for being more cost effective to rent vs buy.
http://www.forbes.com/home/2008/07/14/housing-renters-list-f…

Ride this out a bit longer...1 year lease at a time. You might even have some lower prices to work with then.
Best of luck
Carlos@oneventure.com

I would highly suggest renting for at least a year till you get to know the areas and see where you really want to be. When I relocated here from up north 8 years ago, I rented in what seemed to be a good neighborhood only to find out shortly after that I was in one of the worst possible neighborhoods in Miami. Thank goodness I was only renting and didn't buy and moved out the day my lease expired. It takes a while to get to know an area and traffic is brutal here so considering where you'll be working you might want to eliminate or focus in on some specific areas. I don't think you have anything to lose by renting for a year. I can't imagine home prices appreciating too much in one year in light of the current market/crisis.

Unfortunately, you did not supply enough information. How long are you looking to stay in your new place? Are you buying a condo or a single family house? Upscale, middle or low price range? The condo market is weak and getting weaker. Too many new units still coming on the market. The single family housing market seems to be stabilizing a little, but location is the key.

John,

Unfortunately, the answers to your question appear to be all over the board. No one has the ability to see the future....the best we can do is make educated guesses and hope to be close.

The bottom line here is for you to do what's right for you. The mistake that many buyers are making is that they are buying and worrying about what the homes value will be next year............If you are the type of buyer that is in it for the long haul, 5, 8, 10 years and you buy smart you will be fine because values will come back.

Our advice is to be a smart shopper and locate your perfect home, in the right location, at the right price for you and enjoy it while you can.

We would love to be more helpful, give us a call.

Good luck,

The "Eckler Team"
billeckler@michaelsaunders.com
941-408-5363

Wait another year, save another 20%. Waiting is easy, and it will save you thousands.

The costs to carry the property as an owner will be greater than as a renter. By renting, you gain zero equity and have no pride of ownership. The is never a bad time to make a good decision; there many excellent choices when it come to making a purchase. I have not seen such great deals in a long time. Quality real estate is still holding its value and appreciating too.

John: Phil is right - it is a fantastic time to buy right now - you'll definitely be in the "driver's seat". Now you have the opportunity to afford the sort of property that was possibly out of your range a couple of years ago.

I think your friend exaggerated a little with his statistics. I just ran a quick and dirty set of numbers.... based on the number of properties sold in the past 12 months and the number of properties on the market, I came up with the following:

Single Family Homes in Broward would take 2.26 years to sell, Condos/Townhomes would take 2.28 years to sell, based on current inventory of listings.

In Miami-Dade county, it's a little bit worse - Single Family Homes would take 3.34 years to sell and Condos/Townhomes would take 4 years to sell, also based on current inventory of listings!

I am seeing some beautiful places in Broward at fantastic prices - if you can get the financing now - do it!! If I can help in any way or send you properties, I'd be happy to! Best of luck and welcome to Broward!

Angela

Hello John, Now is a good time to buy in Broward County - prices are at 2004 range and interest rate is still low at ~6.5%-6.625% with excellent credit. If you are purchasing cash and not looking to finance, then maybe you could rent and see where the market is in six months or so. But, just like stock - you cannot time the market or may find yourself at the point where it is headed up and you would have lost out in a great buyers market.
Good Luck in your decision.
Angela Jensen
jensenatj@aol.com
(954) 465-1388

John,

first and most important: what is your projected hold-time, read: how long are you staying?

second: if your friend was right it would be an even better time to buy. But s/he is wrong. The house (not condo) inventory in Broward was, as of July 1, 21 months at the current absorption rate, not 60 months (I run my own monthly stats).

Third: if you may move again within the next two to three years, I would rent. If your hold time will be longer, this is an excellent window to buy. I recommend to get a good buyer's agent to represent you, and ideally get pre-approved at the time you start your search.

Please let me know if I can help further - and all the best,

Tobias Kaiser, MS, CIPS
Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist

Hi John

First let me welcome you to south Florida. Now the question is if you are familar with this area? If not then I would suggest you rent for a year to get familsr, find out which city you want to settle down in. Yes there I'd a surplus of homes. So you would get a great deal.

Let me know I also do rentals and would love to help you find a place.

John,

Because there is such an inbalance between buyer and sellers, NOW is a great time to buy. It is a buyers market; name your price, ask the seller to pay your closing costs and pre-paids. 3 to 5 years from now you will look like a genius!

Good hunting,

Phillip.Moody@PrudentialNetworkRealty.com