Investors and buyers are quite happy with the current trend of the Miami Beach real estate market that makes for a quality investment without having to empty out their bank accounts. That's right; prices of homes in Miami Beach are on the low -- cheap properties are readily available for those interested enough to buy one.
Keep in mind, however, that knowing that it's cheap doesn’t necessarily mean that it will all end up in a successful investment. In most cases, you have to know the actual figures of the Miami Beach real estate market trend to guarantee a worthwhile investment that you can be proud of.
Prices on the Mend
The value of homes in Miami Beach real estate is currently on the mend according to market experts. As compared to last year's figure that is practically on an all-time low due to the economic crisis that gripped the United States of America, prices today are going up -- though not much to merit a 100% fix on the market's wounds.
According to figures released on the Internet, homes for sale in various listings declined by 0.9% that closed at an average price of $430,000 for the 12,000 units available in the city. Foreclosures, on the other hand, faced a price increase of 2.4% for the 1,200 properties in the city -- having a median price of $235,000.
However, real estate firms are currently putting a stop to any projects in construction projects until such time that the market has gone back to its original and prosperous state.
Status of Loans in the City
For those who are planning to acquire a property in Miami Beach real estate through financial aids offered by lenders and financial institutions in the city, it would be best if you know the percentage of their individual interest rates to ensure that you aren’t going to put yourself into a hurdle later on when its time to pay up your debts.
Private and public lending institutions that offer mortgage loans are seen lowering their interest rates to bring in more buyers into the city. We can never deny the fact that a low interest rate on loans appeals to plenty of those who are having second thoughts in dishing out their own savings for investing in a property in the city.
Latest figures show that the average loan ranging from 1 to 5 year ARM decreased by a median of 0.036 percent. A much higher 0.065% decrease is seen in 30 year loans and a low 0.013% with 15 years ARM.
William W. Teho, Jr.
Miami Beach Real Estate
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