HOME BUYING INFORMATION
December 3, 2024
The South Miami housing market remains fairly competitive, with plenty of homes on the market but fewer homes sold compared to the past six months. Inventory is up by nearly 40% in South Miami, a stronger sign of a buyer’s market that we haven’t seen since before COVID. From a seller’s perspective, this suggests you should make sure your home doesn’t stay on the market for too long. South Miami Home Prices In September of 2024, the median listing home price in South Miami was $557 per square foot, putting it in the same range as nearby Coral Gables. That’s also 6.1% increase since August 2024, but within the same general ballpark as the summer and spring. How Quickly are […]
November 26, 2024
If you’re thinking of buying or selling a home, it’s important to pay attention to your local housing market to see if your area is currently in a buyer’s or a seller’s market. This can give you an idea of how to approach each process and give you an advantage over other buyers or sellers. In a seller’s market, the demand for homes exceeds the supply. Based on the basic laws of supply and demand, this gives sellers the upper hand because it means that buyers have fewer houses to choose from. Under these conditions, homes typically sell very quickly, and sellers typically receive multiple offers over asking price. Here are a few more ways to tell you’re in a […]
November 19, 2024
Buying a home is a complex process with many steps. One of them is getting your dream home inspected by a licensed professional. Some home buyers may feel tempted to skip this step because they think it will speed up the purchase process. Or, they just don’t want to pay for it. But the truth is, a home inspection can save you from making a catastrophic mistake by unknowingly purchasing a home in need of major repairs. Before delving into more reasons to get a home inspection, let’s break down what a home inspector actually does: What is a Home Inspection? The purpose of a home inspection is to alert you of any potential safety hazards or usability problems in […]
November 12, 2024
Buying or selling a home is a life-changing decision. So, it’s no surprise that sometimes, a buyer or a seller will suddenly change their mind and decide to back out of a signed real estate contract, or home purchase agreement. Can someone legally do this? The short answer for both parties is yes. But whether you’re a buyer or a seller, canceling a real estate contract can come with a few consequences. In some cases, you could run into serious financial and legal implications. Can a Buyer Back Out of a Real Estate Contract? As a home buyer, yes, you can back out of a home purchase agreement. What happens next, however, is determined by the terms and conditions of […]
October 29, 2024
There are two types of letters you can get from a bank when you’re looking to buy a home: a pre-qualification letter and a pre-approval letter. Pre-qualification gives you a ballpark estimate on how much you’ll be able to borrow to buy a home, whereas a pre-approval is more detailed and says exactly how much you will be able to borrow. You should have a pre-approval letter before you are ready to make an offer on a home. Why You Need a Pre-Approval Letter to Start the Buying Process For many first-time buyers, once they get their pre-approval letter from a mortgage banker, the process begins. While you can make an offer on a home with just a pre-qualification letter, it […]
October 22, 2024
Open Houses are used by sellers to get a lot of foot traffic and hopefully get an offer or two. For first time buyers, Open Houses are different – especially if you are not 100% sold on the home before you walk in the door. They are a great crash course in learning how to look at homes for sale. And if you’re coming into town from out-of-state, they are a great chance to see a lot of homes in a small time frame. Here’s how we tell our clients to use Open Houses to find the right home. Get a Feel For the Neighborhood For many first-time buyers, once they get their pre-approval letter from a mortgage banker, they typically go […]
October 15, 2024
Shenandoah is one of the oldest neighborhoods in the city of Miami. It’s roughly a square of land between Brickell & SW 27th Ave, south of Calle Ocho and north of Coral Way. Due to it’s being smack dab in the middle of the Grove & Brickell, it’s always been a popular neighborhood for buyers that want to be in the middle of the action but a little more space that condo living can provide. Here’s a look at the state of the real estate market in Shenandoah: A Look at the Numbers There are roughly 5,000 households in Shenandoah, and due to the age of the neighborhood (it was founded in 1919 by developers from Virginia, thus the name Shenandoah) […]
September 24, 2024
When you are looking to make a real estate transaction, the first step is to always figure out how much you can afford to spend and how much you can finance.. There are a lot of factors that go into it, but most people qualify for a mortgage that adds up to less than 36% of their monthly income for principal, interest, insurance, and taxes (aka a Debt-to-income ratio of 36). That being said, you should speak to a mortgage professional and get pre-approved for an amount. Evaluate your financial situation The important thing to remember is that personal timing is more key than market timing. When looking for a mortgage, you have to make sure you’re financially sound and […]
September 17, 2024
Everyone has an opinion as to whether they would prefer a newer home or an older one. Whichever side of the debate you fall to, it’s important to weigh the pluses and minuses. Sometimes finding the perfect home requires a little flexibility on what you previously thought. Pros of buying an old house Architecture While Miami is still a young city, there are plenty of homes that are 50-100 years old. When you step into an older home, you can feelthe history as you walk through the rooms. That’s not as common in newer homes. Mature landscape The best time to plant a tree is 30 years ago. If you want to live with a yard that has shade and don’t want […]