If you qualify for a purchase there is absolutely no sense in choosing renting over ownership. If you are buying cash and interest in a foreclosed property please feel free to contact me, there is a couple of great deals out there!... more
Mortgage rates inched higher this week for the second week in a row, with the 30-year fixed-rate mortgage averaging 4.33 percent, Freddie Mac reports in its weekly mortgage market survey."Mortgage rates
Buying A Home Still Cheaper Than Renting â€” Despite Rising Home PricesÂ It should be no surprise to hear that Rents are rising faster than inflation in leading cities across the nation. Tracking
Â Most of the new construction condos are smaller (in square footage) with fewer amenities. Does that matter to you? Â If you want to see the new construction projects in Miami, go to http://LuxeFloridaHomes.com, Read more
With interest rates on 30-year mortgages hitting yet another record low this week -- 4.27%, according to Freddie Mac -- it makes sense to rush out and buy a home, right? Maybe not. New York-based real
Buying a new home can definitely be exciting, especially if it is your first home. It can be a wonderful feeling to know that you actually own the home and can do whatever you want with it. You can paint
Your first step should be to locate and hire a REALTOR, not just a real estate agent on an exclusive basis. Be sure your REALTOR has a minimum of five yearsâ€™ experience and 100+ transactions.Â
El programa NeighborhoodLIFTSM fue creado para ayudar a las comunidades a superar el doble desafÃo de inventarios de casas sin vender, a travez de asistencia de prestamos para los posibles compradores.
The NeighborhoodLIFTSM program was created to help communities overcome the dual challenge of high inventories of unsold homes while providing assistance for prospective buyers. Wells Fargo is committing
Truliaâ€™s Winter 2013 Rent vs. Buy Report looked at homes for sale and for rent on Trulia between Dec. 1, 2012, and Feb. 28, 2013, and compared the costs, factoring in transaction costs, taxes and
The Option to purchase after renting can be given by the owner/seller. You ofcourse can always ask for this option.
I have handled some cases in which the renter purchased the house afterwards so I could give you some more details. For more information contact me on 305 508 0899 or drop me an email at firstname.lastname@example.org
regards David Siddons... more
Â I'm a Real Estate Agent dedicated full time to real estate to serve my community. I am qualified to guide you in buying or selling Properties. As a local professional, I know the neighborhoods, schools,
(reprinted with author's permission from the http://www.brickellrentallist.com/) According to trulia.com the Miami metropolitan area has the highest buy to rent ratio of all the metropolitan areas surveyed
Expect for the unexpected. Encourage your renters to purchase renters insurance, always keep reserves of capital to unforeseen expenses, negotiate whether you will be doing yard maintenance, and above all, be prepared to refresh the home when the tenants leave. There is always some wear and tear in a home after a years stay. Make sure you list with a reputable agent as well!
Best of luck!... more
With the rent prices on the rise, and super low vacancy ratio in Miami, the rents are becoming financially less desirable. At the same time, the prices of properties are also rising quickly, so the buyers/tenants have to make a rather quick decision as to what to do right now. Many previous home owners can not buy due to their damaged credit (foreclosures, short sales, default during loan modification period, job loss etc.). Rent is the only available option for them (hence, higher rental pricing due to increased demand).
Overall, with the mortgage rates being as low as they are now, and the prices that are still affordable,
more and more people choose buying vs. renting. This decision often has to do with our real estate clients' employment, increasing family size or downsizing/buying a 2nd home property. Many buyers are out of state or foreign buyers, who first come and rent (testing waters), but later buy -finding all Miami has to offer irresistable...In any case, the real estate tax and mortgage interest deductions are great for tax write offs.
However, each person's situation is different when it comes to buying real estate.
The house will work out for a buyer with debt to income ratio under 36%.
The buyer will also need to have 3.5% (FHA) downpayment saved up for a house or a townhome, and
20% down for a condo. Foreign buyer can purchase cash or obtain loans with about 25% to 40% downpayment. In addition to that, there will be inspections costs, closing costs (sometimes paid by the seller), home and flood insurance (expensive in FL). There are unpredicted repairs that might come up once the buyer purchases his/her property - something to plan for. According to most financial gurus, it makes sense to have an emergency fund before you buy (from 3 months for a regular job to a year, if self-employed).
In my estimation, both purchase and rental markets are doing great in Miami right now.
Personal situation will be the key when it comes to a buy vs. rent decision right now.
Beachfront Realty, Inc.