First Time Home Buyer in Miami, Florida
a guide for first time home buyer
miami, fl
featuring guidance from dija phaire
WELCOME TO MIAMI
Most people choose to relocate to Miami for the lifestyle. Miami truly has something for everyone with so many activities, neighbourhoods, and vibes to offer. Miami is a great place to buy a home for a vacation property, a family, a young professional, and even retirees. Many people from the northern region like New York and Canada are relocating to Miami as well as a large South American population.
VALUABLE GUIDANCE FOR HOME BUYERS
Trends in the Miami Real Estate Market
Miami is seeing an unusual real estate market right now. Sales have started to slow down this quarter and for the next year (maybe even two) it will be a buyers market. While home values are not decreasing, there is a slight correction happening with overpriced properties. While a lot of buyers are re-evaluating their purchase decision because of the interest rate hikes, many buyers who were otherwise on the sidelines in a competitive market can now come up and have more negotiation power as well.
Miami is seeing an unusual real estate market right now. Sales have started to slow down this quarter and for the next year (maybe even two) it will be a buyers market. While home values are not decreasing, there is a slight correction happening with overpriced properties. While a lot of buyers are re-evaluating their purchase decision because of the interest rate hikes, many buyers who were otherwise on the sidelines in a competitive market can now come up and have more negotiation power as well.
Tips for First Time Home Buyers in Miami
Seasons to buy – The winter and fall brings in the most amount of buyers from northern states looking to leave the cold behind. However, most of the homes come on the market in the spring. The summer is the slowest season and usually is when families who want to buy before the school year starts make their decisions.
Neighbourhoods – Miami has a variety of neighbourhoods from areas that have a more urban feel to more family friendly suburban regions. To find the best fit for you, match your lifestyle to the neighbourhood. This will allow you to focus your property search to a specific area.
Seasons to buy – The winter and fall brings in the most amount of buyers from northern states looking to leave the cold behind. However, most of the homes come on the market in the spring. The summer is the slowest season and usually is when families who want to buy before the school year starts make their decisions.
Additional Costs – There are a variety of additional costs in addition to the list price, to consider when buying a home. Miami has a flood zone and if your property is in a flood zone you will have to get flood insurance. Flood insurance has gone up (after the most recent hurrican) and it is important for you to understand all the monthly insurance payments you will need to make. You will also need to conduct an inspection to make sure the foundation components are up to code. If anything needs to be replaced you should scope out the costs associated with that.
Neighbourhoods – Miami has a variety of neighbourhoods from areas that have a more urban feel to more family friendly suburban regions. To find the best fit for you, match your lifestyle to the neighbourhood. This will allow you to focus your property search to a specific area.
Additional Costs – There are a variety of additional costs in addition to the list price, to consider when buying a home. Miami has a flood zone and if your property is in a flood zone you will have to get flood insurance. Flood insurance has gone up (after the most recent hurrican) and it is important for you to understand all the monthly insurance payments you will need to make. You will also need to conduct an inspection to make sure the foundation components are up to code. If anything needs to be replaced you should scope out the costs associated with that.
