Miami has plenty of good news for homebuyers looking for quality homes at an affordable price. According to experts, prices in Miami real estate went down compared to last month's figures. This is practically the reason why investors and homebuyers tipped the acquisition scale that resulted to Miami having the highest real estate sales from the first quarter of 2009 to early 2010 compared to other cities in South Florida.
Real Estate Market Snapshot
As of June 2010, prices of homes in Miami real estate froze after in a continuous decline for the past few months since the Wall Street meltdown. According to market snapshots from South Florida real estate analysts, both foreclosures and homes for sale did now show any sign of increase or decrease in their current values.
Homes for sale which numbers an approximate of 27,000 homes closed its median price at $180,000 -- defining a price range bracket from $100,000 to $300,000; foreclosed homes with a total of 16,000 has an average price of $187,000. Real estate developers and construction firms are putting a hold on new projects waiting for the foreclosure and resell clamor to die down, as well as patiently waiting for the market prices on real estate properties to go up.
Affordable Loans for First-Time Buyers
Due to the sudden influx of buyers in Miami real estate, many of the financial institutions in the city are offering affordable loans to aid first-time buyers in their acquisition. According to reports, many of the offers from lenders in the Miami-Dade County are decreasing their interest rates to entice more investors into the city. Survey shows that 1-5 year loans, as well as 15 to 30 fixed loans are down by an average of 0.010% compared to last week's figures.
Conclusion
With these declining figures, first-time homebuyers looking for an affordable home will surely find it beneficial to look for an investment in Miami real estate. Investors who are aiming to make a profit out of their purchase can also take advantage of the situation to acquire homes at a relatively low price and sell it off at a decent amount later on when the market rights itself out.
Keep in mind that the information above is to only give you a general perspective on how the market trends are being advantageous to buyers and investors. Planning, as well as a lot of research into the various properties for sale in Miami real estate can help close a deal that you won't regret later on.
William W. Teho, Jr.
Miami Real Estate
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