Timing is very important factor to consider if you're thinking about property investment in Miami real estate. Home values change from time to time, and sometimes in random patters that makes it hard to predict if you're not accustomed to the twist and turns of Miami real estate market trends.
Home prices have been on a decline these past couple of years in Miami, Florida. Due to the economic turmoil that hit the US, the state of Florida has seen a lot of foreclosures that practically made a huge impact in the market. Number of unsold homes number by the thousands without enough demand to satisfy the figures of recovery. However, many consider the low price of homes in Miami a perfect timing when it comes to profitable investment.
Prices Going Down
If you check out the figures in Miami real estate, you will see that various home listings have succumbed to price drops that make it an affordable commodity. Previously owned properties dropped by an average of 13% compared to last month's figures. The 19,000 homes for sale yields an average purchase price of $200,000.
Foreclosed properties are also seen to yield the same figures. As of early 2010, prices of foreclosed and bank-owned homes in Miami real estate dropped by 1.6% that closed the median price at $168,000. Newly-developed properties are scarce as investors and developers are putting a hiatus on their projects until the availability of other listings drops. After all, buyers would be more inclined to buy cheaper properties that expensive new ones.
Perfect Time For Financial Aid
Looking closely at the financial aids for home purchase in Miami real estate, you will see that lenders -- both public and private financial institutions -- dropped the interest rates of their loans to entice more buyers to buy a home in the city. As things now stand, 1 to 5 year loans dropped by an average of 0.05 percent, while 15 to 30 year loans went down by .07 percent.
With all these opportunities offered in Miami real estate, many would say that now is the perfect time to invest. Low-priced homes and affordable loans make can be considered a boon to buyers -- for those looking for primary residence or planning to turn them into profit. However, it is best if you take time to check the market first and the selections of homes for sale to see if there is one that is worth your time and money.
William W. Teho, Jr.
Miami Real Estate
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