The July 2009 Status Of Miami Real Estate - Details That Homebuyers Should Know

Homebuyers today are quite interested in getting a home in Miami real estate. Quality homes are affordable this year and a large selection for them to choose from. However, it might be best to look into the status of the Miami real estate market first before proceeding with the purchase -- after all, time is also a factor to consider if you want to get the best deals that merits to savings upon the purchase of your ideal home in the city.

Prices Continue To Drop

This year has been a boon to homebuyers and property investors who is looking into the possibility of buying residential properties in Miami real estate. The prices continue to decline that makes for an affordable acquisition.

The prices of or previously-owned properties dropped by 0.4% compared to last month's figure. This closed the median price at $240,000. Foreclosed listings, on the other hand, may yield a higher possibility of savings since the market prices dropped by 0.7% which closed $200,000.

Due to the economic crisis that caught the United States of America by storm, real estate firms and developers have put a hold on new construction projects on residential properties until the market rights itself out. In most cases, unsold properties which amount to a small percentage on the total number of homes in the city have a median price of $350,000 to $400,000 at best.

Details Concerning Financing

Most homebuyers today are always on the look-out for financing in regards to their purchase of a home in Miami Real Estate. Rather than dishing out all their savings in a single home purchase, it would be more affordable on their end to pay for it in installments to avoid financial hurdles in the future.

The only problem today is that not all lenders are into financing, especially in the case of condos. They will look into the location of the condo first before pre-approving the homebuyer for a loan, and would most likely deny the application if there are delinquents in that area. But it's always worth a try than not.

If you are planning to get a financing for single-family homes or townhouses then lenders will surely look at your with priority. Interest rates offered by lenders in Miami real estate are lower compared to last month's figures. Interest rates of 1 to 5 year loans stand at an average of 3.8% -- which is 0.30% lower compared to the figures shown last June 2009.

William W. Teho, Jr.
Miami Real Estate

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