Buying Miami Real-Estate

January 29, 2021

Tips you should follow finding houses for sale in Miami.

Living in Miami is way more than chilling in South Beach. It’s about finding the sunshine, the community, and the activities that meet your lifestyle, like a perfect pair of sunglasses. As is true in almost any metropolitan city in the United States, the cost of living is higher than average. Still, what you get out of the life you build here can be worth every penny.

Buying a house in Miami will give you sunny days, mild to warm winters, and many opportunities to get outdoors and savor all that South Florida has to offer. If you don’t know the difference between buying a condo and a house in Miami, you might end up signing a lease on a rental and not locating that perfect place to call your own. I drew upon decades of experience in Miami home sales, searched dozens of neighborhoods to find the hidden gems so that you can buy the home of your dreams in this beautiful coastal city

Finding a Miami house in your price range

To acknowledge where your starting point is, it is essential to know what housing prices you can expect in Miami. The median real-estate sale price in Miami was $450,000 as of February 2021.
Homes in Miami are regularly either single-family, townhomes, or condos. In Miami, a condo is mostly an apartment-style home, often found in a high-rise building. In contrast, a townhome is usually located in a neighborhood-style community. It feels very much like a single-family home where you have connecting walls with neighbors.
You will find that the real estate type that you are looking for will directly correlate to the house prices in your price range. The February 2021 stats say:

Existing condo median price: $280,000
 Condo-townhome price: $250,000 (please let me know if this price is
accurate)
 Single-family home price: $450,000 (please let me know if this price is
accurate)

Conventional loan

If you’re looking for real estate in Miami, then you’ve probably thought about a conventional loan. It’s a type of mortgage loan that is not insured or guaranteed by the government. Alternatively, the loan is backed by private lenders, and its insurance is usually paid by the borrower.
Conventional loans are much more usual than government-backed financing.
Though conventional loans offer buyers more compliance, they’re also riskier because they’re not insured by the federal government.
Your start in qualifying for a conventional loan is to have a meeting with a lender.
When you have a sit with a lender, they’ll ask for documentation like current pay stubs, bank statements, tax returns, and any additional financial information. They want to secure you have a constant income and can make your monthly mortgage payments on time.
You will surely need a down payment to qualify for a conventional loan. Though you can put a minimum of 3% down when you get a conventional loan, I suggest putting at least 10% down. But 20% is even more helpful because then you can skip paying PMI!
If you begin your home search on a solid financial footing, talk to your l ender about becoming a certified homebuyer. Doing this will need a few
extra steps upfront, but it can give you an edge over other buyers in a heated market and get you to the closing table faster.

Rent vs. mortgage payments

When setting down roots in Miami, what is a better option – renting or buying? Overall, the city has a lower homeownership rate, but your decision to purchase may not be factored solely by costs. It is also about what you’re looking for from your homeownership experience.
If you only plan on living in Miami for a year or two, the flexibility that renting offers is a great choice. Yet if you want a place to call your own, put down roots, and build equity simultaneously, then buying would be a smart option.

When to buy in Miami

There is usually a seasonal flow to the market. If you understand the high and low seasons in the Miami area, you can use that to your advantage in purchasing your home.
South Florida is an oasis from the colder temperatures in the more Northern states, significantly impacting the high season for homebuying. The winter months in Miami are hectic for agents, which means that buyers have flooded the market and are hunting for the best available homes. This also indicates that many great sellers might be holding their listings for the high season. If you have the flexibleness to look for a home in both the summer and winter months, this could be to your advantage.

Contact top Miami realtors

As a buyer, your experience buying a home in Miami depends significantly on the success of the relationship you have with your real estate advisor and his expertise.
Finding a top realtor in Miami means you will get the experience, skill, and
understanding of the market. You will need it to make the best-informed decision for the home you want. On average, buyers can save 9.2%, or almost $47,000, with a top-rated agent compared to an average one.
Living in Miami is about more than what you pay for a home; it’s about what you build for yourself here, and the best agent really understands that. And that’s why I am here to help you find the home of your dreams!

About Katya Molina

Katya Molina specializes in Waterfront residential purchases and listings, and she has been helping people buy and sell for 8 years.
With the help of a strong network of professionals, she can help you find the best buyer for your house.
She keeps up-to-date on the economic trends that drive local real estate.
It is her passion to use her expertise to guide you through the transaction process. What her client wants always comes first.
Katya Molina became a real estate advisor because she loves helping people achieve their dreams.

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