Miami Florida Real Estate – What’s the real story?

If you’ve been watching the news for the past two years, you may have seen that the real estate market hasn’t been doing so well. Home prices have fallen at an incredible rate, in a trend that has left many homeowners in what’s known in the business as “upside down,” meaning they owe more on their home than it’s worth. Where have prices fallen the most in the national real estate market? Florida! So is that a bad thing, and is it a good reason to cross Miami, Florida real estate off your “must see” list?

Bargain hunters paradise

The fact is that when Florida real estate prices stop falling and that is forecast to happen early in the year, places like Miami, Florida will be a real estate bargain hunter’s paradise. Record foreclosures have left banks and lending institutions with a record number of properties they are eager to get rid of.

BeautifulMiami

It’s also important to remember that this is Miami after all, which means there’s a lot more to consider than just the bargain prices of the real estate that’s currently available. Along with endless white-sand beaches that offer great opportunities to own and live in beachfront real estate, is the downtown sector that has experienced a renaissance in recent years.

Get your credit in order

There are a few things you’ll want to keep in mind before considering buying real estate anywhere, including Miami, Florida. For starters, you’ll want to make sure your credit is in order before you go looking for a loan. If there are any blemishes on your credit report, you may want to do some research to try to remove them by disputing them.

do some research

Once you’ve found a property or home you’re considering, you should properly research it before beginning final negotiations. Check to see if there are undesirable easements encroaching on the property, or if there are utilities running through it. Also, make sure you have a clear understanding of how it is zoned as well.