Buying and Selling Miami Beach Real Estate


Miami Beach HOME BUYING PITFALLS TO AVOID


Buying your Miami Beach home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them.

Make sure that when you put in an offer on any Miami Beach home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.


Miami Beach Real Estate Cycles


During a slow economic time, fewer people are buying homes in the Miami Beach market. Even so, some homeowners find themselves in a situation where they must sell. Families grow beyond the capacity of the home, employees get relocated, and some may even find themselves unable to make their mortgage payment - perhaps because of a layoff in the family.

During sellers' markets, Miami Beach real estate sells quickly and sellers have a lot of pricing power. As a result, prices rise more rapidly than at other times. During buyers' markets, Miami Beach real estate may sit on the market for a while before selling, so sellers become more flexible and may even drop their prices.


Bitten by the Miami Beach Home Improvement Bug?


Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Miami Beach home’s current value, the actual costs of moving to a different home and the estimated return on investment of the most common types of home improvement. I’ll be happy to provide you with a complimentary analysis of your home’s current value. Simply call or E-mail me whenever you are ready. As for improvements that traditionally bring the highest rate of return on investment, here are some statistics. Kitchen remodeling and adding a bath tends to bring rates of return with averaging anywhere from 85% to 95% return on your dollars spent. Compare that with the 64% return on investment for adding a home office.

Buying Miami Beach Below Market


On most real estate Websites you can enter the parameters you want for your Miami Beach. Include the price, size, features and location and the technology will notify you automatically the moment a property that meets your needs comes on the market. Now if what you are looking for is a particular type of property for a price that is significantly under market, you’d better be prepared to act quickly because you aren’t the only one who’s looking for a bargain.

Often times, when a home comes on the market priced under the market there are extenuating circumstances. Maybe the house needs maintenance. Maybe the yard needs work. If you are prepared with a certain amount of knowledge about the costs of roofing, painting, landscaping and other types of deferred maintenance, you will be in a position to evaluate whether or not the Miami Beach is priced well enough that it truly is a bargain and not a fixer-upper nightmare.


What Makes Miami Beach Sell?


Books have been written about this topic but to be concise, successful sale depends on six factors: Price; Terms; Location; The Home’s Condition; The Home’s Accessibility and the Marketing exposure the Miami Beach receives.

Price is what a willing seller and a willing buyer agree on. Price is determined by the current market, which fluctuates causing home values and prices to fluctuate. Often Miami Beach that does not sell is over-priced for the current market. Terms can vary as well. Some owners want payment in full, some are willing to carry a second.

Location is a major consideration in pricing and desirability for Miami Beach. Has the neighborhood gone to pot or does it look like a street at Disneyland? Are there open spaces nearby or is the home located in the middle of commercial district?


When Miami Beach Does Not Sell


The number one, main reason why a home remains on the market is PRICE. There can be other problems as well such as the home’s condition or location and even overall market conditions but the major reason for the NO SALE sign is the Miami Beach is over priced. In fact, proper pricing will often overcome most all obstacles.

Some people prefer to buy Miami Beach that needs some work if the price is right. Investors look at the property, evaluate the cost of brining it up to speed and make an offer if they feel they can make a quick profit. These kinds of investors are looking to fix and flip. Others with limited budgets may see the fixer-upper as a way to get started with Miami Beach ownership. They may spend years working on improving the home, making improvements as they can afford it. So, a home’s poor condition will not prevent a sale if the price reflects the situation.