2007-08-21 13:38:28 · 8 answers · asked by Jonathan M 1 in Business & Finance ➔ Renting & Real Estate
The market here isn't good right now.
PITI payments are only part of the issue. You can count on your payment almost doubling with rediculous insurance and tax costs added.
Bet every cloud does have a silver lining, and this one is no different:
If you're looking for property, now is a prime time to rent while looking. Rent costs, overall, are much less than a mortgage would be for the same square footage.
Broward/Miami Dade are second in the nation for forclosures, so there are some good (but risky) deals out there now.
Good luck.
2007-08-21 14:40:15 · answer #1 · answered by talldude 3 · 0⤊ 0⤋
no
I live here.
We're going to have a real estate crash. It has barely started.
Last weekend the local rag reported that the ratio of condos being offered on the market [MLS] to actual condo sales in the county was 31 to 1. Yes, thirty one months visible supply.
More are being built and coming on the market every month.
The spec buyers who made deposits on them haven't begun to get desperate ... but they will.
***
To top that off, hurricane insurance has soared ... 2% of your market value [purchase price] per year is a cheap rate for homeowner's and only properties built to the new hurricane standards [after 1995 or so for sure] and at least 2 miles inland get that rate.
Your property taxes will likely run 2.5% of your purchase price as well.
So on a 'typical' middle class $300,000 property, you'd expect taxes of 7.5k a year and hurricane insurance of 6k and up -- best plan on 15k a year just for those two.
Now, if you can put $60,000 down [20%] you'll have to borrow $240,000. At 6.0% APR [perfect credit] on a 30 year fixed loan [FNMA eligible] you're looking at 1400 a month P+I for a total payment of about 2650 a month.
let's see ... at 28% of your income, you need to be making 9500 a month to 'afford' this house. Nothing serious -- 115k a year income.
***
not a time to buy here
:-(
2007-08-21 13:42:15 · answer #2 · answered by Spock (rhp) 7 · 0⤊ 0⤋
Definitely. There are 127,324 listings in south Florida and there should be no more than 46K. After hurricane Wilma things got a bit flaky with the market and the prices started to adjust (drop). If you would like some help with this from a professional send me an e-mail! helpRhome@yahoo etc.
We can also help with the financing.
2007-08-21 13:56:59 · answer #3 · answered by helprhome 5 · 0⤊ 0⤋
We have property in the Miami area and lower keys and are waiting to purchase more . . . We are thinking early to mid 2009.
2007-08-21 13:49:35 · answer #4 · answered by CHARITY G 7 · 0⤊ 0⤋
is a good time to buy a downtown studio for rent.
For rent or buy I found interesting information about your answer here:
http://www.realstateamerica.com/ciudad.php?ciudad=Miami%20FL
2007-08-22 07:45:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you can wait, you will pay less money for the same house in the coming months.
2007-08-21 13:46:31 · answer #6 · answered by lt 4 · 0⤊ 0⤋
best time is during huricane season so yes especially now with more huricanes coming. you will get a great price. if you mean buy a house to live in then no...
2007-08-21 13:46:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Only if you HAVE to and get a GREAT DEAL.
If you can wait, I would until mid 2008.
Hope this helps
2007-08-21 13:45:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋