Market Conditions in 33155>Question Details

Jessica, Home Buyer in Miami, FL

Should I buy in 33155 now or should I wait to see if the market gets lower?

Asked by Jessica, Miami, FL Wed Jan 25, 2012

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Jessica:
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.
1 vote Thank Flag Link Wed Jan 25, 2012
Jessica,
Without hesitation I can tell you that now is the time to buy. Historic rates and prices combined with a strong market demand puts you in a great position. Good luck!
3 votes Thank Flag Link Wed Jan 25, 2012
This is Miami, and here's what's happening... foreign buyer's are coming in and buying all the best deals or nicest properties. (I visited a new construction community in Doral with prices of over $500K. They've already sold 30 units - even though they've only been for sale for 30 DAYS!!!) Depending on where you're looking, the best buyer's market in a generation will likely end within the next year or so.

Let me know if there's anything I can do to help your search!
1 vote Thank Flag Link Wed Jan 25, 2012
It's a buyer market right now, so now would be better than ever!
1 vote Thank Flag Link Wed Jan 25, 2012
The right time is of course, the time when it is right for you, your employment, your income, the saved down payment etc. and then also finding the right location, the right home in size and style....

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.
Edith
1 vote Thank Flag Link Wed Jan 25, 2012
Hi Jessica:
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
(305)582-5669
1 vote Thank Flag Link Wed Jan 25, 2012
If you find a house you really like and do not anticipate a move within the next 5 years, then I would say go for it. Inventory has come down substantially, prices are stabilizing and in some instances even increasing.
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.
Thanks,
Manon
1 vote Thank Flag Link Wed Jan 25, 2012
Hi Jessica, what I will give you are facts. According to mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage dipped to 3.88 percent this week, down from the old record of 3.89 percent one week ago and the latest housing data released by Florida Realtors®. It was the third consecutive year for statewide home and condo sales activity to end the year on a positive upswing.
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

.
1 vote Thank Flag Link Wed Jan 25, 2012
Nobody has a crystal ball to say for sure. Good locations are rising in price - Not going lower. Mortgage rates are low- but it is still hard to get one! Search my site for 33155 and let me know! I like 33154 much better.

WATERWAY REALTY, REALTORS
Miami Beach Real Estate Guy
1 vote Thank Flag Link Wed Jan 25, 2012
If you are buying with cash, you could consider waiting. If you are financing a purchase, jump in now.
1 vote Thank Flag Link Wed Jan 25, 2012
While in the chase to get a degree in Economics, I once heard about two types of Economist.

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.
1 vote Thank Flag Link Wed Jan 25, 2012
Jessica now is defiantly the time to buy. Currently rates on a 30yr mortgage are the lowest they have been in a very long time and with the current price of property it is a buyers market. Yes the current prices may go lower, but know one really knows. The mortgage rates are going to go up. So taking advantage of the current rates you save more in the long run.
1 vote Thank Flag Link Wed Jan 25, 2012
Hello Jessica,

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,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue May 8, 2012
The market is almost at the lowest prioce this is the best time for you to buy in this area. Contrary of what you think, I have seen prices going up instead of down recently. The interest rates at very low. Call me for further assistance at 305-794-8435 I'm very familiar with the area our office is in the westchester area. Do not hesitate my email is olsfla@hotmail.com
0 votes Thank Flag Link Mon Apr 30, 2012
As we sit here, Feb 2012, Fed is holding down interest rates, Washington demanding banks refi notes banks might not normally do.
All this causes demand where there might not normally be.

Have we seen this before?
Oh Yes!
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
us.
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.
0 votes Thank Flag Link Fri Feb 3, 2012
Prices in South Florida (Miami/Dade) are destined to explode. If your looking for a vacation home or investment, look a little further north between Fort Myers, North Port, Sarasota. Great central location, newer construction and decent cost of living.
0 votes Thank Flag Link Thu Feb 2, 2012
Market will never be dramitically lower as other people expected. Real Estate business is slowly picking up, houses are not as cheaper as last year. People are still picking up houses here and there. If you find a house in a good location, never delay go for it would be my advise. Never wait for tomorrow and live for today.
0 votes Thank Flag Link Wed Feb 1, 2012
Jessica,

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".

Heirloom
0 votes Thank Flag Link Tue Jan 31, 2012
Thank you all for your answers...they are very helpful!! :)
0 votes Thank Flag Link Wed Jan 25, 2012
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