Market Information
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 […]
November 22, 2022
Under all the right circumstances hiring a professional staging company is absolutely worth the cost. I realize that is a qualified statement, so bear with me for a minute. The point is that there is absolutely value in the process of having a professional stage your home before it hits the market. Which side of the cost/benefit analysis that service falls on depends on several more specific details. In a Perfect World… As an agent, the ideal situation is to present the most picture-perfect version of the house we’re selling. If the seller has moved out, staging the home – with the lack of personal items – creates a blank canvas that prospective buyers can project their lives onto. Staging […]
November 15, 2022
With all the talk of interest rates and federal interest rate hikes in the news, it makes sense to talk about it and how it impacts our daily lives. Being in the real estate business means these rate changes are something I monitor all the time – even when it’s not making the news. However, it does have a much farther-reaching impact on almost everyone. What Exactly IS the Federal Interest Rate? First, let’s address what it’s not. The Federal Interest Rate is not the rate consumers pay, though it does indirectly affect consumer rates. The U.S. Central Bank sets the Federal Interest Rate which is the rate at which bank-to-bank transactions are made. Every other interest rate in the […]
October 25, 2022
Ready, set, sell! Miami is (currently) still in a seller’s market, and while homes are selling at lightning speed, the process for preparing your home to list does take a bit longer. When you spend adequate time preparing your property, you can expect it to sell faster and for more money. Taking a little extra time up front can really make a big difference when your home hits the market. Where to Start When Preparing Your Home For Sale We recommend starting the process at least six months in advance of when you actually want to list. A common mistake we see with sellers is they wait too long to contact an agent. Your agent wants you to succeed, and to […]
October 18, 2022
If you’re a long-time resident of Miami, you already know that Snowbirds used to be a larger segment of the population, but still exist. We also have a unique housing market largely due to our status as an international city that draws investors from around the world. Because of these factors, it’s important to evaluate the real estate market in Miami based on the specific type of property and neighborhood you’re looking to buy, rather than as an entire aggregate. What do Snow and Birds Have to Do with the Condo Market in Miami? “Snowbird” is a term used for the part-time residents of Miami who own property – usually condos – but only occupy them during the winter months […]
October 11, 2022
The choice to rent or buy a home is a major decision any prospective homeowner must seriously consider. The pros and cons of each option are many, and ultimately it’s your own situation that will lead you to the right answer for you. I’ve met people that own multiple investment properties but choose to rent their home because they don’t want to tie up capital in a primary residence, and others that could afford a home but don’t want to deal with the hassle of maintenance. In general, people sometimes compare renting to buying milk and bread at a farm store versus Publix. You’re aware that you’re paying more, but it’s sometimes worthwhile based on the tradeoffs. Inversely, in a […]
September 27, 2022
A Home’s Location in Miami You’ve heard it before – location, location, location! The question is which location factors are most important for you and your family? Let’s go over a few. School districts are likely at the top of your list if you have children, but even if you don’t, it should still be a consideration. Desirable school districts drive prices into higher brackets which might be a deterrent on the buying end, but it will also give you an opportunity for higher resale value later. Proximity to grocery stores, shopping centers, outdoor activities like biking trails or marinas, and other public use spaces is also good to keep in mind. A neighborhood close enough to access these amenities easily, […]
September 13, 2022
As we move into the fall of 2022, the Coral Gables market is continuing to trend upward. Fall of 2021 into winter of 2022 saw pricing swings in both directions. However, we are back on the steady upward track we were seeing for much of last summer. The median sale price in the area is $950K, which is up 8.6% year over year. Homes are being sold in about 32 days on the market compared to 63 days during this same period last year. The number of homes sold, however, is down 35.4%: 104 homes were sold in June of this year, while it was 161 in June of 2021. What Does It All Mean? The data suggests we are […]
September 6, 2022
After 2008, it’s normal for buyers and sellers to feel a little skittish about less-than-ideal market conditions, but 2008 was (hopefully) a once-in-a-lifetime event. The next recession, whenever that may be, will very likely not be as damaging for real estate (as a whole). So, as of right now, there’s no reason to panic – but there is reason to be concerned. The best way to avoid worrying about what is going on in the market is to have the best listing in your neighborhood. Here’s how to outshine the competition when you’re selling your Miami home in a down market. Price Your Miami Home Right From The Start You only make a first impression once. So once you are […]