Miami Foreclosed Real Estate Selling at a 17 Percent Discount

Want to Buy a property for a lower price? Want to sell for the highest possible price? Here is a clue from the Association of Realtors.

Based on information from the December 2012 REALTORS® Confidence Index Survey, distressed (foreclosed and short sale) property sold at a 16-17 percent discount in December.

The discount to market is affected by the property’s physical condition. The unweighted average price discount for the period January-December 2012 is about 15 percent for houses in above average condition and about 35 percent for those in the poorest condition.

What this means for REALTORS®: Keep emphasizing the value of  good home maintenance to  build up home equity and maximize price.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

Investors are Taking Action without any Hesitation in the Miami Real Estate

The trend is simply undeniable. Miami is undoubtedly a safe place to invest in Real Estate. While most of the country is still dragging trying to recover in Miami we are already experiencing a shortage of inventory as the prices have been steadily increasing for 14 consecutive months.
Following the second consecutive record sales year, the Miami real estate market started 2013 strong with rising sales and prices amid limited supply, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. 
Miami-Dade County residential sales increased 7.5 percent in January compared to a year earlier.  The sales of existing single-family homes in Miami-Dade increased 19.1 percent, from 691 to 823.  Sales of existing condominiums increased 0.3 percent, from 1,121 to 1,124, year-over-year.   
“The consistent strengthening and improvement of the Miami real estate market is generating much excitement and attention both domestically and internationally,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello.  “We expect prices to continue to rise as a result of the significant demand that currently exists for both sales and rentals.  While more new listings are coming on the market, there still is insufficient supply to satisfy consumer demand and significant fewer new listings in the lower price ranges.” 
Source: Miamire.com

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

The Time to Invest in Miami Real Estate is NOW

The growth in home sales in Miami continues to know no bounds, growing from the all-time record set in 2011 as buyers from within the US and around the world realise that this is the opportunity of a lifetime to buy at such low prices.

Some 4172 homes in Miami-Dade county were pending sales this October, an increase of an incredible 67% compared to last October and of 18% compared to September according to the latest data from the Miami Association of Realtors. The number of single-family and condominium listings that pended in October increased 85 percent and 55.7 percent respectively compared to October 2011.

A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Thus increasing pending sales is a forward indicator of continued sales growth in the Miami market. "The Miami real estate market is poised for another record year, that would surpass the all-time sales record set in 2011," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "Strong demand persists despite the shortage of housing inventory, and listings are increasingly selling at a more rapid pace, driving in significant price appreciation." SOURCE: Miamire.com 

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

Numbers Tell the Story of the Miami Real Estate Market

Smart investors keep betting in Miami and their winnings keep growing. People from all over the globe continue to invest great amounts of money in our Local Real Estate. The numbers are proof: home prices were up 21.4 percent in the third quarter and rose 11.6 percent in the past year, according to Miami's Downtown Development Authority.

Argentinian, Venezuelan and Russian buyers are also flocking to Miami for investment  properties. Russians spent more than $1 billion on overseas real estate last year, and Florida is especially popular destination, loved for its warm weather, private mansions, and limited disclosure requirements, according to CNBC's Robert Frank. * *Source:Business Insider

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

In 2012 Median Price Increased 12% in 12 Moths

For many homeowners, 2012 was the year they finally put the housing bust behind them.

Year-end numbers released Monday show the median price for existing single-family homes inBroward County jumped 12 percent, with more properties selling and some flying off the market.

"We're no longer waiting for the other shoe to drop," said Summer Greene, immediate past president of the Florida Association of Realtors.

The county's median price hit $208,000, compared with $185,900 in 2011, according to the Greater Fort Lauderdale Realtors. Broward hasn't closed the year at the $200,000 threshold since 2009, when prices were still on their way down.

Evidence of a housing recovery began to mount in recent months, but these latest figures confirm that 2012 was indeed a turnaround year. * Source: Sentinel

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

Miami Home Prices Have Increased Steadily

Facts speak for themselves. Miami home prices have kept climbing steadily during the last year. Rich Burch, president of the South Florida School of Real Estate confirms that Miami home prices have increased each of the last 12 months as a result of strong demand and very tight supply, according to the 25,000-member MIAMI Association ofREALTORS and the local Multiple Listing Service (MLS) system. Despite very limited inventory, Miami-Dade County residential sales surged 23 percent in November compared to a year earlier. The sales of existing condominiums in Miami-Dade increased 19.8 percent, from 1,139 to 1,365. Sales of single-family homes increased 26.2 percent, from 802 to 1,012, year-over-year.                                                                                                             “It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011,” said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. Thisrecord demand coupled with extremely limited supply is driving strong and consistent price appreciation.”

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

Foreclosure Rate keeps Falling in Metropolitan Miami Real Estate

According to Martha Brannigan in her article for the Miami Herald foreclosures rates keep dropping in Miami Metropolitan area.  This steady pace of foreclosures falling will help to restore the overall confidence of investors and more importantly the financial soundness of our local economy.

The foreclosure rate – the percentage of mortgages in some stage of foreclosure – fell to 14.59 percent in Greater Miami in November 2012, down 3.13 percentage points from a year earlier, continuing a long downward trend, CoreLogic said.

The percentage of delinquent mortgage loans in the Miami-Miami Beach-Kendall area fell 3.87 percentage points in November to 21.24 percent from 25.11 percent a year earlier, the Irvine, Calif.-based data firm reported.

The delinquency rate is the percentage of loans more than 90-days delinquent, including foreclosures and mortgages in which a lender has taken title to a property.

While metro Miami’s trends show continued solid improvement, its rates of foreclosure and mortgage delinquency remain far above national and state levels.

In November, the foreclosure rate was 10.41 percent across Florida and 2.97 percent nationwide. The delinquency rate was 15.45 percent in Florida and 6.45 percent nationally, CoreLogic reported.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

Builder Confidence Keeps Steady in Miami Real Estate Market

According to the National Association of Home Builders' (NAHB) latest 55+ Housing Market Index (HMI) released this week, builder confidence in the 55+ housing market for single-family homes showed continued improvement in the fourth quarter of 2012 compared to the same period a year ago. The index increased 10 points to a level of 28, the fifth consecutive quarter of year over year improvements.

"We continue to see increased optimism from builders and developers in the 55+ housing segment," said Bob Karen, chairman of NAHB's 50+ Housing Council and managing member of the Symphony Development Group. "Those customers who had been on the sidelines waiting for more stability in their local markets are starting to make their move toward either purchasing a home or renting an apartment that is designed to more specifically suit their lifestyle." Source: David Barley, World Property Channel, Feb. 8, 2012.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com