Is Miami heading towards another Real Estate Bubble?
Over 100 of the most influential real estate players in
Miami anonymously and honestly answered some of the most important questions on
today’s local real estate market.
As opposed to what some people think, the majority of them
answered NO when asked if Miami was heading towards another so called bubble. In
fact, most of them think Miami still has undervalued areas where investors can
find great options to buy.
It is not a secret Miami’s home prices have increased up to
40% since 2012, which has caused the local median income family to be priced
out of some areas again; but with less strict guidelines, and a reduction on
the mortgage insurance for FHA financing, local buyers can still opt for a
purchase, and end up with a lower monthly mortgage payment compared to a rental
for the same type of property, reason why they advise those who are trying to
decide between renting or buying to pre-qualify for a mortgage and make an educated
decision on the matter .
In regard to who is driving the Miami market, buyers in
Miami are still primarily foreign due to the political and economic instability
in some Latin American Countries, and prices per square foot that are
considerably lower compared to other major cities around the Globe like London,
New York, Paris or Tokyo for example.
Although a good school system is still a priority for most
families, nowadays buyers are looking for walkability, they demand to have fast
access to restaurants and shops, and developers are listening, with most of new
communities focusing on mixed projects to meet these needs.
If you are wondering whether to Buy or Rent, what financing
option is better for you, or what the process is to start on either route call
me, I can answer these, and any other question you might have regarding your
Real Estate Needs.
For a detailed explanation on the results of the poll read
the article below by the Miami Herald:
Maria T. Villalobos
Real Estate Advisor
Public Notary
Florida Capital Realty
Cell. 786-285-5855
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