A Thorough Home Evaluation

When exploring Miami Beach real estate via the internet, chances are you’ll likely encounter a number of accompanying information telling you what to look out for when you’re considering a new home.  If you’ve already settled on the location, have already been approved for a mortgage and have done everything else, you may wish to fine tune your evaluation to the interior of the home itself.

Unless you’re an electrician or are familiar with electrical wiring, request a home inspection to ensure everything is okay.  Regardless of how new the Miami Beach real estate in question may be there is still that window of possibility that the wiring may be flawed.  It’s happened before.

Also make it a point to inspect the plumbing.  This means that if necessary, take a glimpse behind the sink and see what kind of condition it’s in.  If there’s a large accumulation of mold then it may be necessary to address this before moving further with your Miami Beach real estate purchase.

If there does happen to be an attic in the home, give it a thorough inspection.  Since the roof is right there, it’s the best way to see if there’s any leakage or if the wood being used is in bad shape.  This is also where you can get a good idea of the quality of the insulation.  If it looks new then there may have been recent repairs done.

How to Sway Buyers?

The lingering question most realtors and builders are continuing to ask themselves these days is the best method of piquing a buyer’s interest in Miami Beach condominiums once again.  In spite of everything, mortgages are indeed low, Miami Beach condominiums prices have dipped in some areas to record lows and sellers are regularly including plenty of perks in an attempt to sway buyers who may be seeking Miami Beach condominiums.

There is a huge segment of buyers for Miami Beach condominiums who wish to purchase Miami Beach condominiums but are still ambivalent. The principal concern these buyers have is the very real likelihood of plummeting property values for Miami Beach condominiums despite buying at a low price.  Merge this with buyers who are certain that mortgage rates and prices for Miami Beach condominiums will drop even further and one can easily understand why buyers for Miami Beach condominiums are few and far between.  Is there some way to get these people off the fence?

Tax breaks for buying Miami Beach condominiums have made a few headlines as a government method of encouraging real estate sales.  Nonetheless the majority of would be buyers for Miami Beach condominiums think that a three percent rate on a thirty year mortgage loan would a much better incentive of getting their attention and boosting sales.  A number of builders around the nation are in fact offering mortgages very close to this three percent figure.

An additional (and key) obstacle for numerous buyers seeking Miami Beach condominiums is being approved for a mortgage loan in the first place.  Everyone is well aware that lenders are rejecting all but the richest applicants when attempting to acquire a loan for Miami Beach condominiums.  Unfortunately not everyone has an immaculate credit score; thus buyers for Miami Beach condominiums think these lenders should be more flexible and accept buyers who may have a fair to above average credit score.  This is only a sampling of what could be done to encourage demand for Miami Beach condominiums, do you have any ideas?

Your South Beach Condominium Modernized

The 80’s brought us Boy George, portable stereos and some flamboyant fashion, some of which have made a comeback recently. Nineteen-eighty’s color schemes might work for your wardrobe but they’re a huge “don’t” if you’re trying to sell a South Beach condominium with an interior that screams the eighties.  Here are some tips to make your South Beach condominium look more modern.

Adjust the colors.  The simplest of methods transitions your South Beach condominium from the eighties to the new millennia is to get rid of colors in your South Beach condominium that refer back to such a time like peach, teal or gray as they will automatically make your South Beach condominium appear like its stuck in the days of Miami’s deco revolution.

Turn of the lights.  Neon should only adorn people jogging at night and not be in your South Beach condominium, no matter how trendy, retro or attractive it may look.  Chandeliers designed in brass and etched glass should also be removed from your South Beach condominium and replaced with accompanying lighting fixtures designed in brushed-nickel perhaps.

Look at the home as a whole. Analyze every aspect of your South Beach condominium and see if it gives off the impression of a decade long since gone.  Does your South Beach condominium have vinyl floors with marble or floral prints?  Are the bathrooms in your South Beach condominium still sporting the whole brass look?  Worse, does your South Beach condominium still use wallpaper from the eighties?

There are South Beach condominium buyers who appreciate a throwback to the days of yesteryear but these are mostly people who buy old South Beach property.  As a result, these modern changes to your South Beach condominium are crucial to grabbing the attention of buyers who are not only looking for a good South Beach condominium deal but also want a modern South Beach condominium.

Real Estate Comps Explained

With the surplus of Miami real estate for sale on the market, a real estate professional has their work cut out for them in terms of finding the perfect deals for Miami real estate and how much similar properties have sold for in the nearby area, often referred to as comparable sales.  Comparable sales are also called comps and there are several methods of finding comparables to be used for retrieving a Miami real estate property’s value.

The MLS is your friend.  If you’re looking for the price of a unit sold in the Ten Museum Park condo or just want basic Miami real estate information, the MLS is your ideal venue since it has hundreds of listings.  If you’re a real estate professional wanting Miami real estate, you likely already have access to this database.

Conduct some research.  Many public records and easily accessible resources like court records and newspaper listings facilitate finding comps.  Not every state has sales information within their newspaper listings or sales disclosure through the courts but for those that do, it’s a good start.  Probably the ideal research for finding Miami real estate is to focus on finding a specific neighborhood and honing in on your Miami real estate knowledge of property values and sales figures.

Use service companies.  This tactic is similar to using the internet for searching through Miami real estate comparables since service companies often offer very comparable information as these websites.  Service companies do differentiate in that they can provide this Miami real estate comp information through other means as opposed to simply being offered via the internet.

Browse the web.  If doing the labor of self research suits you, there is a litany of websites focusing on Miami real estate which often have scores of sales information.  Always make sure that the websites you do visit have the newest Miami real estate information that reflect the most recent real estate market trends as many of them have very obsolete data.

How to Save Money for a Condo

The economy is shaky and investing seems risky, but with the dead cost of real estate in the current market it’s almost impossible to avoid the temptation to buy. Condo prices are down thirty percent from just three years ago. That means a condo worth $300,000 dollars three years ago is now only $210,000 dollars today. Investing in a condo like Ten Museum Park, which is on the waterfront in Downtown Miami, would have been considered a high-end purchase in terms of price only three years ago. Now the cost of a bayfront condo like Ten Museum Park is well within the reach of the average condo investor. Here are some tips on how to save money to make your condo investment.

While cash down purchasing has its advantages, a buyer doesn’t need to save up the full cost of the condo to purchase it. Though many homeowners have had trouble with predatory lenders taking out a home loan can be safe and easy. A buyer should have at least twenty percent of the total cost of the home to put as a down payment. This allows homeowners to get a decent head start on paying off the home and a much better deal on a mortgage.

When looking for a “good mortgage” a potential buyer should focus mostly on the interest rate. This doesn’t mean borrowers should simply look for the lowest interest rate. Sometimes its better to take a higher interest rate if it is fixed, as that creates stability and security. If a potential homeowner takes a mortgage with an adjustable interest rate, they may see their mortgage payment go up if they miss one or more monthly payments.

Be prepared for the worst. Even if a buyer has a steady flow of income and constantly make their mortgage payments on time. Outstanding circumstances should always be accounted for. Many home buyers fall behind on mortgage payments because of medical bills, credit card bills or loss of employment. Always have extra capital to support your home investment in case times get tough.

Home Inspection Basics

If there’s one aspect of buying Miami Beach real estate that everyone is very well aware of, it’s the fact that it’s a highly involved and oftentimes laborious process.  Besides consulting with your realtor to go over the financing options, the closing costs and paperwork, it’s important to know exactly what you’re getting yourself into before completing that piece of paper that transfers ownership of the Ten Museum Park condo home over to you.  In most cases this would involve obtaining a home inspection report beforehand which makes complete sense as long as you’re aware that some commonly held beliefs are in fact not completely true, such as the following.

Any repairs listed on a home inspection report become the seller’s responsibility.

This only becomes true if the homeowner has signed a contract detailing such a stipulation.  If there are indeed repairs that must be taken care of, it’s largely the buyer’s job to take those items into account and either subtract them from the price that’s ultimately paid for the home or work out an arrangement of some kind with the seller in writing.

Buyers don’t need to attend the actual home inspection.

While there is no requirement suggesting buyers must be present, it only works in their favor if they choose to do so since you’ll be able to ask both the inspector and the seller any questions or address concerns.  Plus you’ll get a better understanding of how all the systems within the home function such as the wiring and air conditioning system.

Inspections are only meant for older homes.

Builders erect homes at a rapid pace and it’s easy to make small or even glaring errors during this process so the general rule here is that even if you’re buying a new home, you’ll still want to get it inspected by a professional.

Miami Beach may have competition

Everyone knows about South Beach and its appeal, its effervescence certainly does not need any kind of formal introduction. For those who frequent the locale, they often forget that other neighboring areas do exist, namely Downtown Miami. It’s overshadowed by the 800 pound gorilla that is South Beach but this area is still capable of offering a just as venial and exhilarating experience.

Downtown Miami’s multifaceted appeal has turned into something of a metaphorical diamond in the rough. If it seems considerably less crowded than South Beach, it’s not so much that the area has lost its once prominent stature as it is simply that people have been led to believe South Beach is the “be all end all” when it comes to having a good time in South Florida.

Try looking for a couple with two kids navigating down Ocean Drive. The chances of spotting them are slim, likely due to these parents not wanting to expose their children to the oftentimes borderline NC-17 behavior that takes place there during the evening. Even when the sun has fallen, Downtown Miami is still a fairly nice place to walk around with less crowded sidewalks and nearly all of its major locations like Bayside Market Place are reachable on foot.

Not that Downtown Miami is designed for or is now catering exclusively to soccer moms. Even at night, the ambiance can become just as elating as what you’d find in South Beach, albeit to a not as uninhibited degree. It therefore emanates an inviting trendy vibe where people of nearly all interests and age groups can live harmoniously among the high end coastal condos that maintain a distinctly relaxed pretension.

Obviously South Beach’s perpetual celebratory propensity has worked and continues to do so and by all means, if you haven’t been there yet it’s a required visit. The next time you’re choosing to hit the town however, stop and consider some of the alternatives that are capable of offering an experience that is arguably just as rich and enlivening.

Silly Home Selling Mistakes

Considering how tough it is to sell South Florida homes these days, why make it harder on yourself by going completely against the “do this, do that” advice you’ve likely read in countless real estate blogs or has been told to you by a real estate agent?  Here’s some examples other homeowners have done which you should definitely not follow if you’re looking to get your home sold.

Keeping personal items lying around. Your favorite basketball team may be the Miami Heat while the potential buyer might favor the New York Knicks.  You may enjoy hunting when the buyer is completely against it.  For whatever reason, sellers have been known to ignore the rule of removing personal items only to find out they’ve ruined any chances of a potential offer.

Showing off your artistry. Homeowners sometimes choose to paint the walls with some color choices that look good to them but might be seen by home buyers as bizarre, such as black and white which some have been known to say makes the interior feel like a “funeral parlor”.

Allowing pets to stick around during the walkthrough. Many pet owners assume that everyone loves their kitty or canine as much as they do when in fact, some people are either allergic or simply don’t like them.  Plus, if the pet doesn’t take kindly to strangers, that’ll only make things worse if it’s constantly barking or trying to bite the home buyer doing a walkthrough of the home.

Failing to take care of the upkeep. Doesn’t it seem counterproductive to leave leaky faucets or roofs unfixed?  Some sellers have been known to employ the “sell it as is” approach in order to save on the costs required to renovate which simply doesn’t make any sense, especially if the property in question is not in foreclosure in which case some necessary repairs are expected.

Home Sales Pick Up

As news outlets continue to signal more and more woes for real estate and the economy, it’s always refreshing to hear about positive gains every now and then, even if they are few and far between.  Given the tough state of the U.S. economy and the lack of home buying, it’s expected that many people’s opinions about South Florida homes and real estate in general would be largely negative but realistically speaking, there isn’t a need to think the market is going to implode either.

The past year has seen home sales drop to record lows in many areas.  It’s worth noting however that the worst has already occurred and as many had suspected, marginal increases would begin to show up on the horizon and that’s pretty much what has happened.  The month of April showed another boost in home sales which, while not necessarily dramatic, does lend more credibility to a slow market recovery.

Real estate property values also increased somewhat in spite of yet another drop in actual home prices.  True, prices are still unusually low if we evaluate them alongside the incredible prices they were demanding just a few years ago when the real estate market was flourishing but a rise in property values is still a strong indicator of market stabilization.  Once values reach higher digits, real estate buying and investing will make sense once again.

These small increases go a tremendously long way in reinforcing that while the market climate is “murky”, there is indeed a demand for housing.  Considering that prices in many areas in the country (South Florida homes included) have made high end real estate significantly more affordable, investing should steadily pick up which will drive up home sales subsequently boosting property values and thus thrusting the market back into much better shape.

Home Pricing Strategies

These days, homeowners trying to part with their South Florida homes have to grapple with a considerably harder home selling situation.  In addition to spending money on potential repairs or improvements, one of the toughest hurdles is the asking price.  Instead of being able to simply do an evaluation of surrounding homes and set a competitive value, sellers need to sit down and play with the digits.

Use careful pricing. Retailers have a tendency of advertising something for $299.99 when the item in question is worth $300.  That small difference actually convinces a buyer that the price is a lot cheaper since they’ll read the number two instead of a three.  That same strategy could be used for pricing a home.  Why not ask for $299,999 instead of $300,000?  It’s subtle but research shows it works.

Inflate the price. There’s a mutual benefit in choosing to ask for an amount beyond what’s acceptable, the primary one being that buyers have plenty of room to negotiate with a seller and therefore feel like they’re receiving a substantial discount.  But of course, this strategy also comes with the assumption that the property actually merits a higher price, otherwise buyers will be turned off.

Be specific. The same way that a lower digit is interpreted as a lower price, naming a specific figure like $396,989 as opposed to something like $400,000 gives the impression of a bargain.  The even figure does emphasize quality so ultimately, it’s up to the seller to decide what “message” they wish to communicate to buyers in terms of how they go about pricing.

Remove the need for complex mathematics. Buyers already have tons of calculations to do what with closing costs and additional fees.  Since one of the key strategies to selling today is maintaining a potentially variable price, don’t lower it to something that forces prospective buyers to solve difficult equations in order to figure out how much the home dropped in terms of percentage.