For born and raised Miamni residents,is it a real bad time to buy a home now? (Miami: real estate market)

[Outofthematrix]

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?

[ace587]

the rates are low right now , but the values are going up with investors buying cash and redoing them.

[doggiebus]

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.

[FlyMIA]

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

[JimboUSMC17]

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.

[UnInspired]

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.