Miami Beach is one of the most popular locations in the Sunshine State of Florida. Tourists flock to the city each year to enjoy a variety of recreational and entertainment venues; and of course, a trip to the popular beaches in the area. Buying a home in Miami Beach real estate is a great investment -- whether to use it as your permanent home in the city or for business.
As of the recent survey of the Miami Beach real estate market, prices of homes in the city are soaring to new heights despite the economic backlash felt by the nation due to the decline these past years. Homebuyers or property investors should look into the status of the market -- the prices, mortgage loans, and availability of properties -- in order to get the best deals to suit your taste and budget.
Real Estate Prices Going Up
Those who are planning to invest in a residential property in Miami Beach real estate should work fast in getting one of their own if they want to make a quick profit out of it. Previously-owned properties, or listings under "homes for sale", have shown a remarkable increase in price over these past few months. As of this month, prices of residential units under this category rose by 1.2% which closed at $415,000 -- a premonition of profitable returns if you invest now while the market is still in this stage of recovery.
Following The Foreclosure Trend
Homebuyers who are looking forward to a purchase of a low-priced home in Miami Beach real estate might want to look into getting one under foreclosures. Median price of foreclosed and bank-owned properties in the city closed this month at $245,000 -- 2.0% lower compared to last month's figures.
Smart homebuyers are now in the process of getting the cheapest homes in the city and using the savings for home improvements. Which is to say that you buy a home even if it doesn’t fit your standards and use the savings you get from it to turn it into your ideal abode. A more affordable solution than getting an expensive property with the right features to cater to your every wants and needs.
Loans Are To Your Favor
Many of the financial lenders in the city are lowering the interest rates of their mortgage loans to attract homebuyers and investors to the city. This is perfect for those who have a high credit score and wishes to get a financing to buy a property in Miami Beach real estate. By average, there is a 0.06% decline in 1 to 5 year loans which closed at a median figure of 3.7% -- perfect for those who are planning to get funds without compromising their financial stability.
William W. Teho, Jr.
Miami Beach Real Estate
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