In Miami,Fl to purchase a 3/2 home with nothing special will cost you between $200,000 and $300,000 or even more. Not even those that work for the county can really afford these homes.
2006-07-09 01:44:10 · 13 answers · asked by Lisette O 1 in Business & Finance ➔ Renting & Real Estate
You have too look in more rural area's.. Miami is a main BIG city so that compared to here in Wa state is cheap.. The city here you pay no less than half a million for Seattle..
But if we look further south (its a commute) the homes are less than half that.
So try looking in more rural area's away from the cities and you should be able to find something more affordable.
2006-07-09 01:49:40 · answer #1 · answered by Mommadog 6 · 1⤊ 0⤋
I live in New York City, so I feel your pain. Assuming your salary and savings are a constant, there's nothing you can do personally about the prices in Miami except support politicians who are in favor of development (thus increasing the housing supply and lowering costs).
In Miami, my advice would typically be to wait out the market. Miami does not have the fundamentals to support the outrageous price run-ups of the past several years (unlike San Francisco or New York). However, at the same time, $200 - $300 is not outrageous for the area. Even if/when the market crashes, you are not going to see prices for 3/2 homes drop much below $200k. It's just a reality of our inflation-adjusted world.
If you can't swing $200k, then it's probably best to follow the advice of some of the other answerers and consider leaving southern Florida.
2006-07-09 02:06:36 · answer #2 · answered by Speedy 3 · 0⤊ 0⤋
Find a GOOD realtor that works foreclosures, look specifically for a fix-up( if you or someone you know is handy). You can save up to 50K on a 250K property.
Get qualified from a lender, so you will know how much you are qualified for.
Look at the 5 year interest loan program. This can save yo another $150-$200 a month in payments.
The point is get into something NOW. The prices are going down.
Anything you get will appreciate. After two years you can sell the property and you profit is tax free( up to $250K single - $500K for a married couple).
The other option is to buy further out under the same premise.
2006-07-09 02:11:55 · answer #3 · answered by Nick R 3 · 0⤊ 0⤋
Are you married or just want more bedrooms? You could get room mates If you just want more bedrooms. If you are married I would suggest looking on the outskirts of Miami or surrounding smaller towns. It will be cheeper because it's not a prime location. Also If you are married and a first time home buyer there are programs out there for you. You don't have to pay a down payment and the seller pays some of the other stuff, like the land servaying and house inspector, checking septic, etc.
2006-07-09 02:08:35 · answer #4 · answered by Little_Lulu 2 · 0⤊ 0⤋
In many parts of California there is nothing under $500,000. Maybe that is why everyone is moving to Arizona or Colorado.
Owning real estate is all about location, location, location. When you think of AZ or CO it's either too hot or too cold. But like "Goldy Locks" (get the pun) We find that FL and CA are "just right". How do people do it? Creative financing. They do interest only loans until their wages match their life style or they are forced to sell. That drives prices down but not by much. That's the housing cycle. The key to housing is "just get in". Buy low your first time which means, yes "fixer upper" or "cozy". But buy!
They aren't making any more land and using the law of supply and demand it will go UP long term. The question is how much. If you are already in you want it to go up so that is good news.
2006-07-09 01:58:06 · answer #5 · answered by Jessica M 4 · 0⤊ 0⤋
You may have to get creative. If you know your income will increase, or you will be getting married and adding an income then do a shorter term ARM or Balloon loan. 7 year or 5 year. you can get the payments down a bit that way. Just make sure you know your pay is going to increase. Buy a smaller house now, fix it up some and flip in a couple years. If you do this 2-3 times you will be a nice before you know it. Keep shopping, they are out there. buy now though if it seems the price is rising fast. If you need mortgage help let me know, I can help you in Fla. Good luck!
2006-07-09 12:57:54 · answer #6 · answered by unclejesse1 3 · 0⤊ 0⤋
Location is everything. Miami is nice, but I live in Ohio and recently purchased a 3/2 home (built in 2001) for less than $100,000.
2006-07-09 01:49:18 · answer #7 · answered by billy1383 2 · 0⤊ 0⤋
I cannot afford that price either...
You may need to consider moving to a smaller town or city that is not so big or expensive to maintain your quality of life...
My husband and I purchased a home just outside the city limits of our town about 5 years ago and because we are not right in the center of town, it is less pricey...
Everything from the home to the water and electricity and phone and cable are all cheaper...
2006-07-09 02:40:23 · answer #8 · answered by aspenkdp2003 7 · 0⤊ 0⤋
Keep your credit straight, and talk to a mortgage broker. Focus on keeping your debt-to-income ratio as low as possible. You would probably be surprised by how much money you qualify to borrow. If you can't achieve the lending that you need then seek out a more rural area and concentrate on your career. Seek out a higher education so you can get that big raise!
2006-07-09 02:15:37 · answer #9 · answered by jaywigz311 1 · 0⤊ 0⤋
Affordability is relative. I live in SW MO and bought a 5/3.5 for $117k in a very nice neighborhood. And I did that on a $40k income at the time.
2006-07-09 02:28:47 · answer #10 · answered by Bostonian In MO 7 · 0⤊ 0⤋