Buyer Information
April 18, 2023
The last couple of years have been a wild ride, there’s no denying that. Miami has been one of the U.S. cities that has not followed the nationwide trends as closely as the majority of the country. But are we immune from a negative trend across the States? What Makes Miami Different? One of the simplest things setting Miami apart from most of the U.S. is the size. We are the 7th largest metro area in the country. Secondly, Miami has a higher-than-average concentration of luxury homes. On top of that we are a coastal city which entices buyers from not only all over the U.S., but internationally as well. Miami is a destination city within a state that has […]
March 21, 2023
Higher interest rates are affecting real estate markets nationwide, and Miami can’t escape the impact fully.. That said, we are still enjoying one of the strongest markets in the country despite some cool-down. So, let’s talk about what you need to know no matter which side of the Miami market you’re on: buyer or seller. Where are We Now? The current average interest rate for mortgages is sitting just below 6.5%, but many of our lenders can do better than that. Feel free to ask us for a recommendation. This is the highest we’ve seen rates since the end of the year in 2007, so it feels high. However, it’s worth recalling that in the fall of 2000 it was right […]
March 7, 2023
Whether you are in the market to buy or sell a home, one of the most important choices you will need to make is which professionals you enlist to work with you through the process. At The Drew Kern Team, we are admittedly biased. We have spent many years honing our processes as real estate professionals while finding the best ways to combine those within our team to make us stronger as a group. The short answer to the question: ‘What are the benefits of working with a Realtor with a team’ rather than one realtor is quite simple. While there are only 24 hours in a day for an individual realtor, for a team of 4 realtors there are 96 hours. Efficiency […]
February 21, 2023
Whether you are in the real estate market as a buyer or seller, choosing the right realtor for you is the most important early step in the process. But how do you know who to choose? Experience is Key Whether you’re buying or selling, your realtor should be experienced in your area. Building up a reputation and a basis of knowledge in specific areas give realtors a big advantage over agents who are less familiar with individual neighborhoods. Miami is a large, unique city with many different areas that appeal to different people for different reasons. A realtor who works mostly in Aventura might not know the nuances of smaller areas within Pinecrest. Moreover, real estate is moving fast! Buyers […]
February 14, 2023
If you are already a Florida resident moving into Miami, you are accustomed to the issues you will face with property insurance. If you are new to the state, however, this will be a little crash course for you. Property insurance in Florida is more expensive than in many areas of the country, and you will likely have questions. For help understanding the ins and outs of every financial decision when it comes to Miami real estate, including homeowners insurance in Florida, you can call on The Drew Kern Team to give you an honest opinion. What’s the Situation? It’s no surprise that Florida has a higher risk of severe and damaging storms when compared with the rest of the […]
February 7, 2023
Just south of Pinecrest and north of Cutler Bay lies Palmetto Bay, one of the more popular suburbs in Miami-Dade County. There are currently 95 homes for sale in this area, which is about on par with the inventory we’ve seen in the second half of 2022. This long-sought after neighborhood for families with school-aged children remains competitive but has seen a downturn at the end of 2022. This makes it an excellent time for buyers to jump in to grab a property at a lower price point than has been typical for this neighborhood over the past year. Palmetto Bay Home Prices Price per square foot in Palmetto Bay started 2022 off low, at $343. The price per square foot for […]
January 10, 2023
Miami has been the red hot center of a nationwide rental market boom. In South Florida, rent rose nearly 25 percent between the summer of 2021 and summer of 2022. On top of that, almost 97 percent of rental inventory in Miami-Dade County is occupied. Available properties have multiple applicants all hoping to score a place to live. While rent is up and inventory is down in major cities across the US, nowhere has it been as dramatic of a shift as we’ve seen here. Expectations for 2023 I expect the rental market will continue to have high prices and high demand throughout 2023, and likely beyond. The storm season we experienced in 2022 factors in to these high prices […]
December 14, 2022
Building a new home from the ground up is a wonderful opportunity to create your dream home. Of course, finding the right location is at least half of the challenge. Shopping for land is a very different experience from being in the resale or pre-built housing market. This is far from a comprehensive list of things to consider, but it’s a good start to prepare you for the market. Location, Location, Location Searching for the right location to build a home is a bit different than finding a home in a desirable location. When you’re shopping for a house so much of what makes a location attractive is related to the existing homes and infrastructure. If you want to build […]
December 13, 2022
Have you been casually browsing houses for sale lately? When you find yourself daydreaming about buying a home it’s easy to get caught up in the excitement. As much as we absolutely want to help you find a home to buy, we also want to help you make sure it’s the right time for you. We want all our buyers to go into their purchase with confidence. In a Good Financial Position You’ll need to have enough cash saved up for a down payment. 20% of the purchase price is the rule of thumb (though there are many exceptions) and a good amount to plan for. You’ll also need some savings set aside to pay for necessary repairs as they […]