subject: 4 Reasons To Buy A Miami Beach Real Estate Property [print this page] 1. Affordability1. Affordability
The most common attribute of todays housing market, including the Miami Beach real estate market, is affordability. Buyers, who in the past cant afford to purchase a conventional detached single family home and opted leasing, can now buy the house they have been saving for.
2. Huge Repository
In Miami and Miami Beach, several houses are being listed in sundry MLS, including those in private websites online. This means that there are a lot of Miami Beach real estate properties to choose from. The huge inventory of properties prompts buyers to reflect on their choices and assess carefully which one to choose. The downside of this large repository of real estate bargains, however, is the risk of buying the wrong property. But with proper research and help from real estate professionals, any buyer, even first-time house hunters, can easily snag the right deal.
3. Federal Tax Credit
Currently, first-time homebuyers can take advantage of federal tax credit of up to 7.5 thousand dollars. This credit is payable within 15 years for buyers who havent owned a home within the last three years. This extra cash will be tremendously helpful, especially for first-time homebuyers. Why? First-time homebuyers are likely to spend more during the first half of the first year of homeownership.
4. Low Mortgage Rates
Aside from the price of the homes, mortgage rates are also at their historic low. Nowadays, mortgage rates are very attractive for conforming loans or those purchased from Freddie Mac or Fannie Mae.
Unfortunately, low mortgage rates dont easily translate to easy applications. Lenders are tightening their belts and handing out mortgages only to those worthy of the loan. This means that you have to have a stellar credit rating and an overall good financial health. Not only that, but to get the mortgage you need for the purchase of your Miami Beach real estate property, you have to fight others to it. Even the application forms require a bit of polishing in order to stand out.
