Market Information
December 15, 2010
I can’t tell you how many times I get this question from clients, family, collegues and various others in the course of a week. It is a relatively new concept, only really becoming popular within the last few years, and lately seems to be the situation with a good portion of my listings and those listings that buyers I am working with are interested in buying. A short sale occurs when a seller’s lender agrees to take a payoff for less than balance owed on their loan. Then they either forgive the remaining debt or ask the seller to pay back all or some of the debt, through a promissory note or cash contribution. When a seller chooses to sell […]
September 29, 2010
If you are considering selling your home the first question you must ask yourself is,”Am I serious about selling?” If the answer is “Yes” then I am sure you will want to attract buyers and receive the highest possible purchase price for your home. Pricing is crucial in today’s market. An over-priced home gives the impression that you are not serious about selling. Although, inventory is progressively decreasing there are still a lot of homes to choose from out there. Serious buyers are aware of this and are doing their homework before making their next big purchase. It is safe to say that an overpriced home will often be overlooked not only by these buyers, but by realtors. Many buyers grow tired and frustrated with available housing, […]
March 12, 2010
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 […]
February 3, 2010
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. […]
February 3, 2010
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 […]