If you have been considering buying a home in Miami now is certainly the time to act. Mortgage rates are still rising and predictions are they will continue to rise although somewhat slowly. In addition, in some areas home prices are also rising, while in others they appear to be falling.
Miami Real Estate companies are experiencing high inventories, with a lot of available homes that are simply not selling, because the supply is much larger than the demand. This is good news for buyers since they are much more likely to find an affordable home since many sellers may be willing to negotiate the price of their home.
In addition, although interest rates are increasing at this time they are affordable making it better for you buy now then wait until interest rates climb even more.
Still a Buyer’s Market
Currently it is still a buyer's market in Miami and smart buyers can take advantage of the housing surplus if they act quickly. However, buying a home now, does not mean buying the first house you see, it seems you need to seriously start searching for that new home. Here are some tips that will help you to find the right home at the right price while there are still so many options:
Start With A List of What You Need in a Home- Know the difference between wants and needs and make a list of those things you really need in a home you are going to buy, both today and in the future. Keep in mind that the longer you keep your home once you buy it the more equity you will have in your home.
Set A Buying Price that Meets Your Means- A lot of people buy homes they can't really afford, because they looked at a house that they felt met all their needs and wants, only to discover later they couldn't keep up with the mortgage payments and ended up losing their entire investment. Once you consider all of the expenses related to buying a home, set the top amount you can realistically afford to pay and stay within that price range.
Decide What Neighborhoods You Can Live In- While we would all like to live in the best Neighborhoods in Miami, that simply isn't realistic so you decide what neighborhoods you can live in and focus your search on homes in their neighborhood.
Don't Be Afraid to Negotiate the Price- With so many homes on the market in Miami you shouldn't be afraid to negotiate with sellers or their agents. Sellers who are looking to sell their property quickly may be willing to knock a few thousand off the sale price making the home even more affordable, and lowering your overall mortgage payments.
If you are seriously considering buying a home in Miami, now is a good time to buy and by acting now you may get the best possible deal before mortgage rates rise even more and interest rates climb. Contact Eddie LaRosa today to get your home search started.