Miami, Florida - Prices of residential properties in Miami real estate are now seeing recovery despite prediction of further decline.
For the past sixth months, prices in Miami real estate have continued to rise as demand increase due to the tax credit offered to homebuyers. Expert agree that this continued rise in demand will continue until the first quarter of this year since the tax credit offer was extended until April 2010. Repeat buyers are also included in the list as leeway on tax credit is also extended to them.
Real estate experts agree that this continuous increase in property prices is a great benefit to the economy, as well as for "underwater" homeowners who owe more money than their property's worth. Estimate shows that 30% of homeowners in the US are considered to be "underwater" with their mortgage.
Despite the figures of the real estate market showing a straight line in regards to its recovery, some experts deeply expresses their concern that the market is good if the prices don’t go down.
The 4-year recession in the real estate market shows that its recovery is making good progress, even if the sales of homes dropped by 17% in December last year. Miami real estate is practically in the limelight of recovery considering that other cities in the US, like Chicago and New York, are still showing signs of price decline to their properties.
Right now, buyers are clamoring about for an investment in Miami real estate while the prices are at its lowest. Figuratively, those who are eyeing the market are hoping to get the best deals possible -- which mean that they are going to acquire a property at a very low price which holds a lot of potential profit in the future when the market rights itself out.
Economist report that the recovery of the market will not make any advances this year if the number of job opportunities in the US will not change its figure. If high-paying jobs exist, then the more possibility of property demands to rise as well.
William W. Teho, Jr.
Miami Real Estate
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