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Old 06-28-2012, 12:33 PM
 
353 posts, read 710,884 times
Reputation: 193

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I just need as many opinions as possible....or is it better to just pay rent for an apt and hold out until the so called economy becomes more balanced?
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Old 06-28-2012, 01:17 PM
 
Location: Miami/NYC
1,208 posts, read 2,156,015 times
Reputation: 505
the rates are low right now , but the values are going up with investors buying cash and redoing them.
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Old 06-28-2012, 01:22 PM
 
Location: Miami
6,853 posts, read 20,686,242 times
Reputation: 2928
The best thing to do is rent for a year when you move here. This will give you a year to get to know South Florida and its different neighbohoods. Is it a good time to buy, well no one has a crystal ball. I will tell you it is a good time to buy and sell right now, in my opinion. Will prices go down further, probably not in the desirable areas as they are seeing price increases already. The less desirable areas may stay flat. Miami is a hot market right now as inventory has come down. The only thing that would make me nervous in buying something right now is Europes economy and how that might affect us even though we don't export all to much these days.

Last edited by doggiebus; 06-29-2012 at 07:24 AM..
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Old 06-28-2012, 04:28 PM
 
Location: Miami/ Washington DC
4,836 posts, read 10,805,728 times
Reputation: 2545
I agree if you are just moving here MAYBE wait a year make sure you like it.

Prices are starting to go back up though and rates are down that is something to consider. But short term forecast and home prices is a very very difficult thing to do. I am confident that if too say that if you buy a home now it will probably be worth more than what you brought for at some point in the next 10 years
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Old 06-29-2012, 04:09 PM
 
Location: Miramar, FL
389 posts, read 968,928 times
Reputation: 106
Yes, rent just to get an idea of the area. But don't hold off too long. I'm all for buying because renting is too expensive. Shoot, my mortgage is only $1200 but I can easily rent my house for $1800+ if I wanted to.
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Old 06-30-2012, 09:24 AM
 
60 posts, read 119,551 times
Reputation: 29
Not sure why you have to be born & raised here to offer an opinion but I've been watching the real estate market CLOSELY in Miami for 2 years since I knew I was moving here and was in the same position as you. If you are sure you want to stay here, it is a good time to buy. Prices in decent neighborhoods are going up. Rates are ridiculously low. I bought the house I was renting and my overall payment came down $100/mo (and now I have a tax deduction and the oppty to realize appreciation in value). Further, the rental market is HOT right now so rents are $$$$$.
Anyone who is actively looking for a home to buy in / near Miami right now (there are 2 other people in my office looking) will tell you the same thing. They have made strong offers on properties and have lost out to cash / full price buyers. Good houses (not requiring a lot of work), in decent neighborhoods that are priced right are selling.
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