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Monday, August 31 2009 @ 04:51 AM Central Daylight Time
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Analyzing the figures of the Miami real estate market before buying, homebuyers and property investors can easily determine whether it is time to buy one or not. Keep in mind that the numbers in the real estate market change from time to time, more so in the American market. The economic decline the gripped the nation a few months back caused many uproars with not-so pleasing results.
However, the steady increase in demand as the prices decline in small margins has righted the market out despite the negative expectations of experts and analysts in the region. Many consider August to be a "lean season" in the Miami real estate market, but the price change may be a boon to those who are seeking for a long-term investment with better returns.
Price Decline Expected In Properties - Cheap Homes Available
If you check out the figures of the Miami real estate market, you will see that prices continue to drop at an alarming rate. The increasing number of foreclosures has caused the prices to drop to the boon of today's investors and buyers.
Previously-owned properties which numbers around 22,000 in Miami real estate has a median price of $230,000 -- a visible 2.1 percent drop compared to last month's figures. Foreclosed and bank-owned properties dropped by 3.2 percent that closed around $195,000 for the 12,000 homes for sale in the city. Newly-developed properties which make up less than 1% of available homes for sale in the city are holding out at $350,000.
Local and foreign buyers are eyeing these price drops with interest -- seeking the possibility of investing in low-priced properties, especially in the Miami foreclosure market, in hopes of a successful long-term investment to rake in profit when the market stabilizes itself.
Get Yourself A Loan
If you're thinking about using a financing from a lender to acquire a property in Miami real estate, then now is a pretty good time to turn this fantasy into a reality. Homebuyers and property investors who are sporting an above average credit score can now take advantage of low-interest rates as lenders and financial institutions are now lowering their rates to attract more investors in the city.
Basic 1 to 5 year mortgage loans dropped by an average of 0.92 percent which closed at a median figure of 3.6 percent compared to last month's figures. Rates for 15 and 30 year loans also went down as well, around 0.7 percent so you might want to think of getting one if you're aiming for high-end properties to buy with the right payment scheme to avoid foreclosures.
William W. Teho, Jr.
Miami Real Estate |
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