If you’ve been following the news over the past couple of years, you’ve probably seen that the real estate market hasn’t been great. Home values have fallen at an alarming rate, leaving many homeowners in a transformation known in the business as “upside down,” meaning they owe more on their home than it’s worth. Where in the national real estate market have prices fallen the most? Florida! So is that a bad thing and a good reason to scratch real estate in Miami, Florida from your “must see” list?
Bargain hunters paradise
The reality is that when prices on real estate in Florida stop falling, and this is predicted to happen around the beginning of the year, places like Miami, Florida will be a paradise for real estate bargain hunters. Record foreclosures have led to record numbers of assets that banks and lending institutions are anxious to dispose of.
Also, it’s important to remember that it’s Miami, which means there’s a lot more to consider than current real estate prices. Along with endless white sandy beaches that offer great opportunities to own and live in waterfront real estate, there is a downtown sector that has been experiencing a renaissance in recent years.
Get your credit in order
There are a few things you want to consider before considering buying real estate anywhere, including Miami, Florida. For starters, you want to make sure your credit is in order before you go shopping for a loan. If there are any blemishes on your credit report, I will try to remove them by contesting them.
Do some research
Once you’ve found the property or home you’re considering, you should thoroughly research it before starting the final negotiations. Make sure there are no unwanted objects encroaching on the property or utilities passing through it. Also make sure you have a clear understanding of how it is zoned.