An article appeared in the New York Times that beautifully illustrates the opportunities today’s real estate market offers. A mother working two jobs saved up for a down payment and managed to buy a large home with a pool for $187,000. Three years ago, that same home had sold for $370,000!
While sellers are still feeling pressure, Team Morgan, your Miami-based Coldwell Banker realtors has noticed that buyers with stable incomes and good credit histories are beginning to spread a “feel good” vibe throughout the industry. Conditions have literally never been better for first-time home buyers. Affordability has seldom been higher and interest rates have hardly been lower. Selection of inventory is vast, and sellers are highly motivated.
As more buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable foreclosure or “short sale,” they have removed a distressed property from the listings, improving values for other homes in the area. When they buy a “traditional” listing, that sets off a chain reaction whereby the sellers in turn will purchase another home, from sellers who will in turn buy another home, and so on and so on.
You probably get the picture now. As we approach stability in real estate, all indications are that prices will begin rising again. As the market approaches recovery, don’t miss your opportunity for the buy of a lifetime.
Coldwell Banker Real Estate
“For Every Move You Make”
Whether you want to buy or sell a home in Miami, Palmetto Bay, Pinecrest, South Miami, Coral Gables or Cutler Bay, you can depend on the Morgan team of realtors to assist you every step of the way during your real estate transaction.