Archive for the 'Market Information' Category
So you want to buy a home in Palmetto Bay…
I just listed a house this week at 14500 SW 84 Court in Palmetto Bay and within the first few hours of it going live on the market we had two showings set up for that same day.
It has 3 bedrooms and 2 bathrooms, plenty of living space including formal living/dining rooms. A large kitchen with tons of counterspace and an island with sink. Good sized bedrooms. Screened, partially covered patio and pool. Big yard with fruit trees. A garage with enclosed utility/laundry area. Great location. This house is just simply “comfortable,” a perfect family home.
It appears that we are starting to notice a decrease in the inventory in this neighborhood and others nearby, meaning fewer homes to choose from. Buyers are anxious to see a home as soon as it goes on the market so that they can be first in line should it be a home they are interested in pursuing.
Call or email me today to learn more about this property or other listings I have in Palmetto Bay.
Almost everyone is curious about what is going on in the real estate market in Miami. That goes for residents and out-of-towners alike. And with the consistently changing market it’s important to stay on top of the housing market trends. The best way to do this is to look back over the past year and compare the numbers of today with those of 1 year ago:
In December 2008 there were 14,988 single family homes for sale in Miami-Dade County. In December 2009 there were 8,271. That’s a 44.8% decrease in the amount of homes for sale.
Looking at activity levels, for the end of 2008 there was an average of 625 sales per month compared to 807/month in 2009. A 29% increase in sales!
So, inventory is down and sales are up. That’s great news as we head toward a more balanced market and better times ahead in 2010.
For more information on the South Florida Real Estate Market, contact me today.
It’s a major incentive for buyers right now.
Business Week published an article in December titled “If you don’t buy a house now, you’re stupid or broke.” The article basically noted the historically low interest rates we are now experiencing. Rates are currently around 5%, the lowest they’ve been in 40 years. Here’s a look back so that you can see where we’ve been…
- Average of 9% in the 1970s
- 10% in the 80s and early 90s
- 7-8% for much of the 90s
- 6% only over the last couple of years
You have to understand the impact the rate has on purchasing a home. Every quarter point change is equivalent to approximately $6,000 for every $10,000 borrowed over the course of a 30 year fixed loan. We know interest rates won’t stay this low forever. So what are you waiting for?
Just one more reason to call me to discuss buying a home today.
