Buying Miami Real Estate Can Be Tricky, Miami Just Listed Provides Information To Help!

Different regulations, rules and other parts of the real estate purchasing process can be complicated. Preparing yourself to make a smart real estate decisions through self-education is extremely important and preferred by top-notch real estate advisers.

In the article below, Miami Just Listed will provide you with some great advice on how to purchase a profitable property for a great price.

The value of residential Miami real estate is influenced by educational opportunities – that is, the kind of schools near a house will affect that house’s price. Schools of any sort in close proximity are a plus, but the condition and reputation of the schools are also factors. Schools that parents love will boost a nearby house’s value more than schools that parents consider troubled.

If you have or plan to have a big family, you need to find a home that will be big enough for everyone. Review the house for safety concerns as well, especially if the backyard has a pool or the home has stairs indoors or outside. If you buy a house from a family who has raised their children in it, it should ensure that the house is relatively safe.

Take some time to explore various Miami areas around your potential purchase price on Do thorough research into any area in which you plan to purchase Miami real estate in. Miami Just Listed has a great tool that lets you organize properties and receive automatic updates.

If you want a great investment in buying property, you should think about repairing and remodeling it. You’ll experience the benefit of a fast return on investment and increase in property value. The increase in value can sometimes be substantially more than your investment.

Apartment-dwellers should head over to Miami Just Listed offices, and see about buying a new home. When the housing market moves further upward, your home purchase will begin to earn money as an investment.

Write down all the important questions that you need to ask our real estate advisers. For example you will want to know how many homes were sold in a desired neighborhood during the previous year, as well as the number in your target area. Our advisers will answer all your questions professionally. As local market experts we know Miami thoroughly, so please never hesitate to ask us for advice about favorable locations.

If you have toured numerous homes in search for the one that is just right for you, after a while it is hard to remember the amenities of each and every home. An easy way to remedy this problem is to write down the positives and negatives of each home after you finish touring them. By developing this rating system, you can weed out the ones that do not meet your needs and you can choose the home which best meets your needs and rate all other homes against this standard.

Prior to purchasing any Miami home, you always need to check the property thoroughly. There are a lot of people who rush into property purchases that end up being poor decisions, and as a result, they lose significant amount of money and time. There are many questions that you’ll want to find answers to before buying, such as the character of the neighborhood, the area’s crime rate, zoning, the age of any buildings, and tax rate.

Never buy a home that is priced any more than fifty percent higher than comparable homes in the same neighborhood. When you go to resell your house down the line, you will find that neighboring home values greatly influence the value of your own home. Lower-priced homes mean lower market value.

Look for the home that you have always dreamed of getting. Some friends or family might advise you not to upgrade to a larger home, but you should realize that there are those who say it’s a great time to do so. You might want to buy your dream home now, housing prices will only go up from here.

If you know that you are planning to move again in a year or so, do not even bother purchasing a home– you are better of renting. Buying a home that you are not going to be in for a long period of time is too costly and time consuming.

If you are making a major Miami commercial property purchase, it is better to have a trusted real estate adviser working with you than to try to do it alone.

Use these tips to start getting what you need to buy your Miami home. Make sure to incorporate these tips into your search so you can avoid some of the pitfalls that can plague a new home buyer. Have a blast looking for your new home and give us a call at (305) 788-9393 with any questions.

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Miami Real Estate Breaks New Sales Record in June 2015

Oceanfront Condo for Sale in Sunny Isles Beach (786) 363-8551

The Miami Just Listed real estate market broke a sales record in June 2015 with the highest number of Miami single-family home sales of any month in history and the is firmly on its pace to set another all-time annual sales record, according to a new trade industry report furnished in July. The statistics provided in the report show 1,390 single-family homes sold in June 2015, beating its previous record of 1,317 home sales established in June 2005.

For the first six months of 2015 a total of 7,100 Miami single-family homes were sold, which represents an 8.5-percent increase from the 6,543 properties sold in the first half of 2014. Miami Single-family home sales are steadfastly on pace to reach 14,600 transactions for all of 2015. The current annual Miami record was established last year with 13,521 sales.

Miami’s existing condo sales market is also on pace for a triumphant year, despite a rise in pre-construction condo sales as it saw a 4.5 percent year-over-year increase in transactions in June 2015. With a total of 8,153 existing condos that were already sold in Miami in the first six months of 2015, the path is set to top 16,030 transaction for all of 2015. Accomplishing that would rank as the third-most sales in Miami’s history behind the 16,409 sales in 2014 and the 17,142 closings in 2013.

In 2014, Latin American buyers made the most purchases in Miami-Dade and Broward counties among global consumers. Venezuelans accounted for the most international deals with 16 percent of the total. Argentinians made up 12 percent and Brazilians 11 percent.

In recent months, currency crises and political instability in Latin America and Europe have made foreign buyers more eager than ever to move their money out of their home countries and into safer investments such as American real estate and in particular Miami as the gateway to Central and South Americas.

Miami Just Listed Residential Real Estate Sales Rise

Miami single-family home transactions jumped 8.6 percent year-over-year in June 2015, from 1,280 to 1,390. Existing Miami condominium sales increased 4.5 percent, from 1,443 to 1,508. Combined, Miami-Dade County residential real estate sales rose 6.4 percent to 2,898 last month compared to 2,723 a year ago.

Miami Just Listed Median Prices Register Growth

Miami single-family home prices, which again increased in June 2015, remain at affordable 2004 levels despite four years of consistent year-over-year increases. Miami condo prices also increased in June 2015, marking 48 months of growth in the last 49 months. The median sale price for Miami single-family homes rose 14.9 percent, up to $280,000 in June 2015 from $243,700 in June 2014. The median sale price for Miami condominiums increased 7.9 percent in June to $205,000 from $190,000 a year ago.

Despite the increase in Miami median prices, it must be stressed that Miami’s residential properties remain more affordable than other world-class global cities, according to the National Association of Realtors 2015 Profile of Home Buying Activity of International Clients. NAR analyzed the cost of a 120-square meter condo in a number of foreign cities based on prices reported in the Global Property Guide and compared the prices against the median price of a condo in several major U.S. cities. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to NAR. Compared to that, the price for the same flat in London would be $960,840, a flat in Hong Kong would run $776,280, and condo in New York City costs $1.6 million – ten times higher than in Miami.

Miami Just Listed Real Estate Continues Selling Close to List Price

Miami single-family homes and Miami condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for Miami single-family homes for sale increased 4.9 percent to 43 days in June 2015 from 41 days in June 2014. The average percent of original list price received was 95.1 percent, a decrease of 0.2 percent from a year earlier.

The median number of days on the market for a Miami Just Listed condo sold in June 2015 was 59 days, a decrease of 3.3 percent from 61 days in June 2014. The average percent of original list price received was 93.4 percent, a 1.2 percent decrease.

Statewide, closed sales of existing single-family homes statewide totaled 27,729 last month, up 19.6 percent over June 2014, according to Florida Realtors. Florida’s condominium market saw a 14.6 percent year-over-year increase with a total of 10,991 sales in June 2015.

Miami’s Cash Buyers Represent More than Twice the National Average

Cash deals represented 50.4 percent of Miami’s total closed real estate sales in June 2015, more than double the national average. Just 24 percent of all national housing sales are made in cash, according to NAR. Cash transactions represented 57.5 percent of total Miami deals in June 2014. Miami’s high percentage of cash sales continues to reflect South Florida’s historic ability to attract international home buyers, who tend to purchase properties in all cash.

Condominiums comprise a large portion of Miami’s cash purchases as 64.4 percent of condo closings were made in cash in June compared to 35.3 percent of single-family home sales.

Short Sales Continue to Decline in Miami

Distressed property transactions declined in Miami due to fewer short sales and foreclosures. In June 2015, only 26.7 percent of all closed residential sales in Miami were distressed, including REO (bank-owned properties) and short sales, compared to 33.4 percent in June 2014.

Short sales and REOs accounted for 5.5 percent and 21.2 percent, respectively, of total Miami sales in June. Short sale transactions decreased 35.9 percent year-over-year while REOs decreased 7.3 percent. Nationally, distressed sales were 8 percent of sales in June, down from 11 percent a year ago.

Miami Just Listed Active Condo Listings on the Rise

Seller confidence continues to result in more properties being listed in Miami. Miami active listings at the end of June increased 3.8 percent year-over-year, from 17,089 to 17,740. Active listings remain about 60 percent below 2008 levels when sales bottomed. Inventory of Miami single-family homes decreased 6.0 percent from 6,122 active listings last year to 5,754 last month. Miami Just Listed condominium inventory increased 9.3 percent to 11,986 from 10,967 listings during the same period in 2014.

At the current sales pace, there is a 4.9-month supply of Miami single-family homes, a decrease of 11.4 percent from 5.5 months in June 2014. There is an 8.9-month supply of Miami condominium inventory, up from 7.8 months in June 2014, an increase of 14.2 percent. A balanced market between buyers and sellers offers between six and nine months’ supply of inventory.

New listings of Miami Just Listed single-family homes increased 6.1 percent from 2,036 in June of last year to 2,161 last month. New listings of Miami Just Listed condominiums increased 5.0 percent to 2,815 last month, compared to 2,682 during the same time period in 2014.

Nationally, total housing inventory at the end of June increased 0.9 percent to 2.30 million existing homes available for sale, and is 0.4 percent higher than a year ago (2.29 million).

New Construction Market Update

Strong sales in the preconstruction condominium Miami market east of Interstate 95 continue to reflect significant demand for new properties, according to the latest available New Construction Market Status Report.

In the four years since 2011, 12 towers with 313 floors and 1,977 units have been completed in Miami-Dade County east of I-95 as of May 2015, according to and MIAMI. There are 75 towers with 1,644 floors and 9,399 units under construction in Miami east of I-95. About 71 towers with 1,731 floors and 11,130 units are planned, but have not begun development. There are also 57 towers with 1,472 floors and 9,024 units that have been proposed in Miami east of I-95.

Overall in Miami-Dade County, developers have announced 215 towers with 5,160 floors and 31,530 units since 2011. Of the above projects in Miami-Dade:

  • 103 projects with 119 towers comprising 17,199 units are currently selling.
  • 71 percent of units have been sold.
  • The mean minimum price per square foot of these units is $949, compared to $952 last month.

Note:  Statistics in this blog post release may vary depending on reporting dates.  MIAMI reports exact statistics directly from its MLS system.