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.