Find a good Realtor and Good Luck!
I understand your frustration and thoughts on how you are interpreting the Miami market right now. I myself go through the same situations and have had the same experiences you have so your thoughts are not unreasonable. What you must remember is that the difference is how your offer is presented and the way the terms are structured can make a big difference.
The Miami market is definitely HOT and the reports are stating that we are on an uptrend in the local market which is great news as we have gone through a few years of dealing with a very troubled market here, so it's about time things start turning around.
I believe the agent you choose must be quick to respond and you must get out there quickly to see any new homes on the market that you feel match your criteria.
Should you need an agent to assist you I would be happy to help you with the process. You can contact me at 786-443-0404 or email email@example.com
In reality approx only 30% of transactions involve only 1 agent, the other 70% are 2 brokers cooperating, 1 on the buyers side, the other representing the seller.
Each property sale & purchse is a case by case, single entitiy situation, no 2 are alike. And have lited & sold, rented & managed real estate in Miami for over 32 years I can tell you of many different scenarios. Eg there were 5 offers at the listed price or higher, 4 were cash, 3 from other agents/brokers and with 1 cash + 1 financed of my own buyer (I was also the lister) And guess what ... another agent's cash buyer bid highest and won ... so you see I didn't double-end anything here (as much as I would've liked to) I cooperate with all licensees. The Seller only chose to work with the cash offerors.
The moral of the story is that no one agent can dictate the price or the ultimate deal (despite their "sales-talk"). It is always up to the Buyer to make their highest & best offer & the Seller to agree. We are messengers, the better the messenger's skills is the better the probability of making you the deal.
So IF you want to hire my Buyers Agent, Dan Mayobre and myself, to help you find and buy the right home, great! However we can only give you 100% loyalty if we get the same in return from. And if you want to continue with your present business model to find homes through the listing agents only, that's fine too. Just let us know and I will only bring you properties that I have listed.
Best Regards, Good Wishes and I look forward to hearing from you.
PS> The media sells news that is bad, not what is good or even reality ... this is a rapidly changing market, supply low, demand high, prices low, rates low too. What a time tio buy but have to be ready ready ready and not "cheap", penny wise & pound foolish, know what I mean. The media reports on 6-month old stats, agents that are professional are in the trenches everyday, so who do you believe? The professionals. The issue is finding one, so call us 305-546-5132 and we'll be ready to appply for the job to help you find & buy the right home.
Well all the answers you have received are right on the money. I am faced with similar situations on a daily basis with my clients, although I have not had any go beyond 5 months before I find them a home. The truth is there is a lot of money in Miami right now and mostly from foreigners getting a piece of Miami which puts the locals at a disadvantage mainly because foreigners are coming in with cash and a seller finds this more attractive than a an offer that is subject to financing.
I think the media does not point out that although there are still some distressed properties they are not necessarily in the sought after neighborhoods and Foreclosures are 1/4th of what they were last year if not less.
I normally set up my clients in an automated database where they get the listing on their computer the minute it is entered into the system so they don't have to be searching online all day. It is simple just tell your agent to set up a critiria of what you are looking for and link it to the areas you prefer and set you up automatically. It is great because whenever something new comes up I get it and so does my client- and if it's worth it I call them immediately.
Good luck and don't give up, it is still a very good time to buy I am certain you will find your home soon.
First of all you will create a loyalty conflict for this so-called DUAL agent (which is by the way absolutely not legal), or need to put up with a TRANSACTION BROKER's status and you cut his responsability back to a point where you have only limited representation.
Please forget it.
Since commissions are generally split, you do not pay more if there are two agents in a transaction and you can have your agent lobby for you, even in situations were doors are closed to those non-represented buyers.
Apart that, ALL available properties on the market are necessarily in the (same) MLS, so every agent has the same information. Remains the speed and quality of your agent to find you what you want. In order to do so, you need to have an intense briefing with the realtor of your choice and he
will find exactly what you look for.
If you think you won't find yourself "a home in an reasonable neighborhood" yourself, you might now have to decide to call your new realtor.
My phone is 305 491 0492 or email: HansKlemmRE@gmail.com
Best to you
I would to happy to begin this process for you to ensure that you get the home you want within your budget.
Keller Williams Elite Properties
If you are searching yourself you may not be seeing listings right away when they hit the market. Contact your agent and have that agent send you listings direct from the MLS system. (Don't wait until you identify listings) That way as soon as a new listing hits the market you will know about it. The other listings sites get their information from the MLS or the agent who listed the property, but they don't post for as long as 48 hours. When homes are priced right they sell fast. REO properties are being priced to sell, and lenders what them off the books soon due to the large inventory. If you hire an agent and get your information direct daily from the MLS system you will be ahead of most of your competition for the home you want.
All the best,
I do not know the laws in your state. I admit that. But under most circumstances it is best to have your own realtor that solely represents YOUR best interests and not yours along with the seller's best interests.
Wish I was there to console you and help you. But I hear and feel your pain. Your market is similar to here in Minnesota and let me just say this.
You truly ARE hearing the good news that the market is great and this is a great and opportune time to purchase a home. And you are also right that the left wing media is still broadcasting how horrible the economy is and how bad the housing market is and how house prices are still not at their bottom. Hogwash. Well, to be fair, there are still some areas that may have not hit bottom, but most of the country has turned the corner and the buyers are experiencing the market as you are.
It does not sound like you have an agent that is representing you as a buyer. If you do, you need a new one. If not, you need to find a good realtor that will set you up on a portal on your regional MLS so you can see all the new listings in real time and jump on them the day they hit the market. Be prepared to offer full price or more, and get that offer in immediately. You WILL get a good deal and a good home!!
In Miami, we have international buyers from all over the world, plus domestic buyers, and everyone wants their piece of paradise in Florida. Plus, the values were super low, are still relatively low and the rates are low as well. Sorry about the media issues, but it is the best time for you to buy now, since you didn't buy before...
A lot of buyers and realtors are frustrated with the current short invetory and fast pace market situation. Plus, it is a seller's market now. You got to jump on the property the day/hour it's on the market.
To do that, you need to work with your own agent who will send auto updates for the areas that you are interested in, for the properties matching your price point and criteria.
Once you get an update like that, you have to "drop everything" and run to see the property right away. You have to be ready with either proof of funds, pre-approval and escrow deposit money already. Place the best offer that you can (not only price-wise but also terms wise), and if they counter, negotiate to get your offer accepted. However, make sure not to go over the reasonable market price (per comparable sales that your agent, not the listing agent, will provide). If you go over the market price, you won't get your mortgage approved (appraisal value might be lower than your purchase price).
Your agent can find out "the real deal" info from another agent.
This is because we know what to ask and what we are entitled to know about the property.
We also can help you figure out what the right price/terms are.
We know what is legal and what's not legal to do as far as the listing agent is concerned.
We know how to protect your interest in the transaction.
With a good knowledgable agent and your readiness to move quickly, I'm sure you'll be able to
find a great property for youself.
I'll be happy to help,
Irina Karan, CDPE
Beachfront Realty, Inc.
If you are looking for a house, the first step you have to take is been realistic with the price.
Every neighbor have a different price range.
If you ask me for a single family home in homestead within 50K FHA buyer and want closing cost I can't help. But if the price range is up to 100K same neighbor and description I can probably help you.
The market is not easy and this is a good time to buy, Is more inventory right now than other past months.
If you try to reach the listing agent and make everything on your own it is difficult. can you imagine trying to contact almost 30K agent in Miami probably 15K are listing agents, and every single would said to you.
If you are not pre-qualify I can't work with you, or get 15K application just to have the listing agent attention.
That's why we have buyers and seller and buyers agents. try to be loyal with your agent and work with them.
Well if you are interested we can help you, give me a call for an interview.
Realty World Executive.
NMLS # 6395
Financing Kentucky One Home at a Time.