I have to agree 100% with Leo's reply. Not only are interest rates historically low (beneficial if you need a mortgage), but inventory is still high enough to allow you to shop around. However, do not be fooled the pending sales index is rising (these are properties going under contract, usually indicates a future drop in inventory) and we are indeed showing; although modest, price increases and more successfully closed sales when compared year to year. Additionally rents are on the rise at a rapid pace. Once renting becomes more expensive on a monthly basis than owning, you will see a massive move into the sale / purchase arena. The only anchor holding back the market in my opinion is the tight credit market - this too is only a matter of time before it shows flexibility. Good luck with your property searching.
Let me know if there's anything I can do to help your search!
And I agree with all that has been said by my colleagues below, the interest rate is low and lots to select from at this time, we are in a buyers market still in most areas, which means that there are more homes on the market than ready and willing and financially stable buyers are ready and willing to buy, so you have not only low interest rates but in most cases great negotiation possibilities to reduce the asking price further.
Sit down with a local Realtor and weigh all your options and sit with a reputable lender, see what you can borrow how much down payment you need and the Realtor then will find you the right home for you.
Statistics show that Dade County sales have increased over 6% in 2011. Given the lowest interest rates in decades and that we are in a true buyer's market, i personally anticipate slowly climbing prices in the next 2-3 years and a higher climbs thereafter. Economic cycles trend to last around 7 years and this one, as bad as it has been will possibly be over by 2014 at the latest.
Now is probably the best time to purchase real estate and when you find the right home you will be so happy you did.
From: JORGE ANDAY
Broker Associate Sun Realty Investments, Inc
What property were you interested in? It is important to do the "homework", look at comparble sales, the condition of the house, the listing history, the market value........
Please make sure your realtor has your best interest at heart.
I believe this is a great time to buy Jessica. This market is a treasure chest for buyers RIGHT NOW. The 33155 area have approx.1500 homes in foreclosure as we speak. Good luck
WATERWAY REALTY, REALTORS
Miami Beach Real Estate Guy
One is the Economist that knows he can't see the future.
the other is the Economist that does know he can't see the future.
We will see the bottom in the rear view mirror, unless we get a dead cat bounce, which I think is coming. When the dead cat bounces, it will look like going up, only to come to new lows.
Low prices and very low rates would tell one this is the time, even if prices go lower with spike in interest rate to come, we think.
In 33155 the prices are the lowest they'll be - as far as we can see in 2012.
So, time to move and get a great deal!
However, when looking at the neighborhoods, more specifically, look at their trends - with the help of your agent and by checking out Zillow.com trends...
Hope this helps,
Beachfront Realty, Inc.
All this causes demand where there might not normally be.
Have we seen this before?
Do we remember what happened?
Might it occur again?
Yes, foreign buyers are buying, but we need to ask ourselves, Why?
Once we know that, then we might take this to the next level and ask how this ' Why" might effect
So Jessica, few, if any, can time the market, you need to be sure its you time, that your are in to correct
position to make a move, that you have reserves to ride out another downturn.
I'm not a realtor, just someone who is also looking for a vacation home in Fl. We will be going down next week to see what areas we like.
BUT!! I was just listening to CNBC this morning and they were showing the mega bucks home and telling us the same thing Ann Ryan said, people are coming from overseas and paying CASH!!
Now, that is the new, huge mansions they are talking about. I have a feeling if you look around you can find a middle class home with no problem. Remember, they are shutting the space shuttle down and a lot of people aroung there will be losing their jobs and probably homes. TAKE YOUR TIME, DON'T LET ANYONE PRESSURE YOU.....just help you, you'll know when someone is working with you if they really want to help or get a "quick sale".