Miami is still proving to be one of the hottest property markets in the United States, as median sale prices were up for condominiums and single-family homes in March. The market is continuing to be popular with overseas buyers and investors.
Last month the median sales price for single-family homes rose by 4.4%, up from $225,000 in March last year to $235,000 for March 2014. Prices have now risen for 28 consecutive months, according to figures from the Miami Association of Realtors. The average sales price for a single-family home rose by 17.8%, increasing from $389,847 in March last year, to $459,102 for March 2014. The article in Propertywire points out that Miami is still attracting worldwide investors, and demand continues to be strong this year. However inventory levels are rising, creating a more balanced market.
To read more, click here.
For those who aren’t hosting guests and parties this year, house hunting over the holidays is advantageous for a number of reasons. A handful of the benefits buying a home during the holidays include:
1. Homes are priced to sell. Sellers who are actively looking to sell their homes during the holiday months – namely, October through December – are serious about shedding the weight of their residences. This often works in favor of savvy buyers looking to get a deal on discounted homes.
2. There is less competition. Having less competition on the buyer’s side can mean lower prices on homes, in addition to fewer counter-offers to compete against. Without as many buyers eyeing a potential new home, shoppers have a greater likelihood of keeping savings on their side by avoiding the price creep consistent with multiple buyers interested in the same property.
3. Interest rates are still low. Interest rates have been consistently low since the Federal Reserve suppressed rates to near zero. While the Fed has announced rates will remain low on mortgage loans at least into 2015, there’s no denying the eventuality that rates are starting on the upward course.