Information About Bal Harbour Homes


Bal Harbour Real Estate Cycles


In the business cycle of real estate, there are buyers' markets and sellers' markets...and some markets in between. It is all based on supply and/or demand. Bal Harbour is no exception.

There are times when the economy is brisk and everyone feels confident about his or her prospects for the future. As a result, they spend money. People eat out more, buy new cars, and... they buy houses, namely Bal Harbour.

Then, for one reason or another, the economy slows down. Companies lay off employees and consumers are more careful about where they spend money, perhaps saving more than usual. As a result, the economy decelerates. When there are fewer people in the market to buy homes. This is true for the Bal Harbour real estate market as it is for all markets nationwide.


Guidelines for Buying Bal Harbour


The Internet is great but nothing really substitutes for your personal inspection of homes that are for sale in the Bal Harbour. When you have visited plenty of homes online and in person when the right property comes along you will know it.

It is perfectly normal for buyers to have a general idea of what they want in a home without a great deal of specificity. Research, both online and in person will help you define your Bal Harbour needs but you can and should know your financial needs before you even start looking. I recommend that buyers go through the process of prequalifying with a lender or at least with a real estate agent in order to narrow the search among homes that are a possibility. Many agents refuse to show homes to prospective buyers who have not been pre-qualified.


Bitten by the Bal Harbour Home Improvement Bug?


Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Bal Harbour 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.

Building Bal Harbour Home Equity


As a Bal Harbour homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Bal Harbour home equity, you gain $3,600.00.

The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Bal Harbour home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Bal Harbour home appreciation values in your area, please call or E-mail me today.



Buying Bal Harbour Real Estate...Will it Pay?


A frequent question from prospective homebuyers relates to building home equity. Bal Harbour buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00. This is one way of building your Bal Harbour home equity but there is more you can do.


Bal Harbour BARGAINS


A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Bal Harbour market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.