do you think that there will be further price drop in real estate in miami areas?

Asked by jitendra ratanpal, Miami, FL Tue May 12, 2009

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NonRealtor, , 23456
Tue May 12, 2009
You can use Trulia's "Stats and Trends" menu, then choose "Market Trends" to see a graph. It looks like prices are going to drop another 20%. Wait another year to buy, save another 20%. Good Luck

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Javier Olmedo, Agent, Miami, FL
Tue May 12, 2009

That is the question of the year. It is really hard to predict that, well actually impossible. One can only study past events and make an educated guess. I will tell you that based on all the incentives right now, and on the low interest rates - now is a great time to buy. Suppose that home prices bottom out at 5% below what they are now but the interest rates change and they go to 5.5% or 6%. Depending on your purchase price - you might end up paying more over the long run for that same house - even if you got it 5% cheaper. So think about the overall cost of the house instead of the purchase price and that will give you a better idea of where you stand. Hope this helps!
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Beth Jenkins, Agent, Miami Lakes, FL
Tue May 12, 2009
Hi Jitendra,
I think that no one knows the answer to that, and if there is a little further drop it is safe to assume that anyone who buys now wil have bought in the bottom 5-10% of the market which is very good.

There was a new report issued today that may interest you regarding the prices in Miami, and how the proices are at an all time low and the sales have increased by 72% since this time last year. It is nice to have a good inventory to choose from and we still have that here.

If I can assist you in a search, feel free to contact me, and see my companies web-site for some great information and to search for properties.

All the best,
Beth Jenkins
South Florida Brokers
786-374-4778 (direct)
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