Many believed that Miami foreclosures offer more to buyers in regards to making the quality purchase of an affordable home in the city. Well, this is true considering how the prices of foreclosed properties in Miami have dropped in the past couple of month. But if you want to make good with the investment then you better analyze the market first to see if it is to your favor.
Market Prices As Of February 2010
Everyone would say that it is too early for this month to tell if the prices of properties in Miami foreclosures are accurate to confirm to the planning for the investment. However, the estimated figure as early as the first week of the month should give you an estimate on how the market would for in the coming days.
The secret here is to compare the prices of properties in Miami foreclosures for this month and the last. No matter how early it is, knowing if the prices are down or up should be enough of a reason to check the market if buying one is a good idea.
As of this month, there haven't been any changes in the prices of foreclosed and bank-owned homes in Miami foreclosures. January 2010 figures show that the price of such properties went down by 1.6% that closed the numbers at $165,000. Last year, the prices of these homes were roughly on the $200,000 figure. However, continuous decline rendered the median prices as you see it now. So if you put it into perspective; you can safely say that prices will either hold steady for this month or will continue to go down for a great buy.
Selections To Choose From
Again, comparison on the number of properties available for sale in Miami foreclosures will help you determine if it is the perfect time to buy or not. In the start of this month, number of homes in the city holds steady around 17,200. If you look at the number of resale made in the city, we can safely say that prices will be going up in a few months when the availability goes down and the demand remains high.
Such is the case; it is important for buyers to take advantage of the situation and utilize the abundance of property selections in the Miami foreclosure market to search for the right home to invest on. Expert advice buyers to aim for those that may yield a high price in the future, especially condos near the beach or in the downtown areas near popular visits.
William W. Teho, Jr.
Miami Foreclosures
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