Why are real estate sales so SLOW now here in Miami?
I want to know because i've been trying to sell my condo and it has been already a month and half and only one person had come and seen it. and obviously that person did not have any money because they never came back to make a deal
2007-03-09 12:52:11 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
its is not that I am greedy. THe thing is the i am planning on moving back to my home country of El Salvador Permanently and I cant go back with little money I am Planning to put the money I make in the bank and living of the interest.
2007-03-09 13:03:44 · update #1
By the WaY here is the Condo I am Selling http://buytim.sef.mlxchange.com/AWPDetails.asp
2007-03-09 13:08:04 · update #2
sorry the previous link is bad here is the correct link of my condo http://realestate.yahoo.com/Florida/North_Miami_Beach/Homes_for_sale/4949d9f206c5680594ddd0bfa094beb6;_ylt=AiGLqQJDjqYtcREM9y0H7E_nMrQs?cc=realestate&p=33160&priceHigh=300000&priceLow=200000&nodeId=750007014&sortBy=price%202&radius=&bedrooms=2&bedrooms=3&bedrooms=4&bedrooms=5&bathrooms=2.0&bathrooms=2.5&bathrooms=3.0&bathrooms=3.5&bathrooms=4.0&type=classified&b=11
2007-03-09 13:10:05 · update #3
greenhouse hurricanes! and stolen elections to name a few!
2007-03-09 12:54:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Florida much like California suffers from inflated real estate prices. The reasons as to why the reale estate market is slowing down are many and varied...but I can tell you that people wanting to get rich quich is a big part of it. Maybe your place is over-priced or maybe not.... Be patient...a month and a half is not a long time for a listing--- More expensive properties would take longer than less espensive ones.. Hang in there.... If you, I would rent the apartment...go live in el salvaodr...and if things dont owrk out (very likely) I would have a place to come back to...
2007-03-09 13:05:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋
over supply of condos
and most of the the units now are from late speculators who though they could buy a unit and then flip for profit
since the housing market is in decline ( new units being built and sold ) and foreclosures up, and other peoples who rate now is adjusting and then they decide to also put their over prices condo on the market
greed has everything to do what with your stuck with
now you are faced with a lack of qualified buyers and too many homes / condos for sale
that and as foreclosures mount the values of all realestate goes down, including yours
you then are either force to lower to a more realistic level or sit in the place and keep making payments ( if you can afford to )
it's a vicious cycle that was brought on by speculators, developers, loan agents, the FED with the cheap money and not enough restrictions on loan applicants all things combine that drove up home prices to unrealistic and unattanable levels where no one cared what the price was since money was cheap and everyone assumed their property would rise in value , people who would not normally qualify for a home suddenly could with cheap exotic interest only mortages.
you are seeing the end results, and it's only going to get worse,
2007-03-09 15:13:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its not just Miami- every state is experiencing the same market. Six weeks is NOTHING in today's market- what normally took 45-60 days to sell now takes any ones guess. Continue to market your property, pay your mortgage and good luck. There's a lot of competition out there, you may want to talk to your agent about some incentives on your property.
2007-03-10 05:44:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The real estate market is taking a breather after a long and crazy run. If you want to sell your condo you have to wait until it picks back up. It may be awhile.
2007-03-09 12:58:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
that is sluggish everywhere. in basic terms because of the fact somebody does not make an grant does not advise he does not have the money, it often means that the domicile/condominium isn't what they're searching for. Are you attempting to sell on your guy or woman? if so, you've gotten a legal professional reachable and verify all and sundry that includes seem on the condominium is already pre-authorized.
2016-09-30 11:12:50 · answer #6 · answered by ? 4 · 0⤊ 0⤋
It's due to the interst rates and people trying to seel their real property for inflated prices. Lower your price and you'll get more foot traffic. It's taking about 6-9 months for anything to sell unless it's priced to move, so expect to take a slimmer profit than you expected to.
2007-03-09 13:06:17 · answer #7 · answered by annazzz1966 6 · 0⤊ 0⤋
Yes, hurricanes started it all causing insurance to go up.
Immigration and low interest mortgages caused a buying frenzy that over-inflated the prices.
Your place is overpriced.
2007-03-09 12:57:50 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You answered your own question: lack of money, and asking prices are too high. Too much supply and not enough qualified buyers.
2007-03-09 12:55:30 · answer #9 · answered by Daaang! 3 · 2⤊ 1⤋
high taxes, and high prices. if you wern't greedy it might sell faster. try lowering the price
2007-03-09 12:55:20 · answer #10 · answered by knowitall 4 · 0⤊ 0⤋