When will the single family home market in Miami stabalize?

Asked by Jnperez, 33173 Sat Jul 7, 2012

Empty-Nester just waiting...

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8
Guillermo Fe…, Agent, Miami, FL
Wed Oct 3, 2012
The market is stable right now from the standpoint of prices being on a steady, and reasonable amount of equity building cycle. The prices for condo's has shot up all of a sudden as some segments were at a below actual market value for quiet a while and it took longer for that part of the market to start seeing a rebound but not anymore. Miami is still a bargain in comparison to other major metropolitan areas as popular and attractive as Miami and will continue to be a good place to put your real estate investment dollars in. Please visit my web site at http://miamirealestatejuice.com for the latest news in the Miami Real Estate Market. Please feel free to call me with any questions you may have and thank you .305-815-8532.
0 votes
Ines Hegedus…, Agent, Miami, FL
Sun Jul 8, 2012
The good news is that we are way past "stability" in many areas of Miami, but you cannot generalize. Real Estate is very local in nature and you can't listed to the media when it talks about "Miami". Instead, talk to an agent that specializes in your area and knows what has been happening. We do monthly market reports for certain areas in Miami. Take a look at the one we are posting today for the month of June. (should go live at noon)

http://www.miamism.com/june-2012-housing-market-report-for-m…

It doesn't hurt to get a market analysis (home value report) of your home to know where you stand, and that would be complimentary, no matter who you choose to represent you. Just be careful, some agents will inflate the number to get your listing, you need someone that will be realistic and will paint a true picture of the market stats in your area.

Good Luck!
0 votes
Ann Ryan, Agent, Doral, FL
Sat Jul 7, 2012
JNP, if you're looking to downsize, and to me "Empty Nester" implies just that, I'd suggest the following...

1) Talk to a mortgage broker about getting a new mortgage. Hopefully your income will qualify you to buy a new place while holding on to the existing property.
2) Then rent the old place out to long-term tenants. Depending on condition, you might want to do some updates first.
3) Wait until the prices return to a level where you're comfortable selling.

While I know many people prefer to avoid becoming landlords, there is a really good reason why it's impossible for those nice young couples to buy their first house - they're outbid by Wall Street and foreign investors, who sees dollar signs. I was just hearing on NPR today that it's impossible to get a 8% return on investment (ROI) in today's economy. If you can find the right real estate investment, people regularly see a 10%ROI here in South Florida's real estate market.

Happy to pull the current rental and sale comparables for you, so that you can verify my math.

Ann
0 votes
Howard Vogin, , Boca Raton, FL
Sat Jul 7, 2012
It depends on your definition of stabilized. By nature prices will always be changing in the market and some areas the prices will go up and others some will go down, depending on where people want to live. What has changed and is a positive sign is that we are not seeing rapid and large changes and instead more moderate changes that creates stability and security.

Good luck in hunt and if you find a property that you like and feel confidenthe neighborhood is stable then go for it.

Howard
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Lila Lopez, Agent, South Miami, FL
Sat Jul 7, 2012
Good Afternoon Mr. Perez,

One of the most common questions today that many buyers and sellers have is "How's The Market?". There are many ways to look at this market and much will of course depend on what what a person may be looking to do and their own individual situation. For someone currently in the market to purchase there are many good signs with interest rates still remaining low and some good home purchase opportunities. For those buyers the key is to ensure that they are properly prepared and working with a Realtor that can alert them to new listings as they appear, given the number of buyers on the market looking to purchase a home. Part of that preparation is ensuring a buyer has a loan preapproval as that is necessary in making an offer to purchase a home.

When it comes to home sellers, there are many factors there as well to consider, depending on the seller' motivation for selling, how much may be owed on the home, and the timeframe in which to sell. With many qualified buyers currently on the market, most homes when properly priced to reflect current market conditions, they usually are under contract in under 30 days. In many instances, sellers have the opportunity to select from several offers, allowing for them to select the strongest offers.

The market does appear to have stabalized and in some area prices have seen increases due to limited inventory. Does this mean that prices will start climbing at a quick pace, the reality is that no one know what will happen. There are way too many things that can factor into what the future may hold. All that can be convey to either a buyer or seller at this point is that the market is active and moving along.

Should you have any additional questions, please feel free to contact me, 305-772-2521.

Lila Lopez
RE/MAX Advance Realty
South Miami
homesyblila@yahoo.com
0 votes
G, Home Buyer, Miami, FL
Sat Jul 7, 2012
Anyone, and I mean anyone, who says that it has or hasn't stabilized should not be a real estate agent, instead I would suggest they take up winning lotto, not playing but winning, because they clearly can predict the future.

I for one cannot, all I can say is that in some areas the free fall has stopped in others it is more controlled.

If your question is whether it is a good time to sell - well that would depend on the area you are in, how realistic are your expectations and the condition of the property

Best
Gene Kromo / Realtor
Global Luxury Realty
305-606-7534
0 votes
Nereida Figu…, Agent, Miami, FL
Sat Jul 7, 2012
Perez, This is a great market due to many buyers out there looking to buy. Do you want a comparables around your area? 305 519-3199
0 votes
Steven Epste…, Agent, Coral Gables, FL
Sat Jul 7, 2012
In most all areas (bar none that I work) it has. I've been a full-time Broker/Agent in the Miami-Dade Market for over 32 years and I can assure the market has stabilized for over a year now. What will happen tomorrow or the next day or the next months or more ... I took my crystal ball to the shop for repairs and the technicina dropped & broke it :) ... So may I ask, what specifically are you waiting for?
Call me, I'll be please to help you in your decision making processes. Best, Steve Epstein, 305-546-5132 Fla RE Lic No BK348217
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