subject: Miami Real Estate 2010 for First-time Homebuyers [print this page] Its still early to make predictions for the citys 2010 housing market. One thing is certain though: first-time homebuyers must think fast if they want to purchase a home in the Miami real estate market; not that houses are selling like pancakes rather the foreseen end of the homebuyer credit draws nigh. Especially now that home values are predicted to continue to drip in Florida, grabbing this opportunity for personal economic reasons will be advantageous.
The urgency
Fact: The first-time homebuyer credit will end by June 30. If you're thinking of purchasing aMiami real estate this year, you have the option of claiming the credit on either last year or this years return.
More to the point: You must decide faster whether to buy a Miami real estate. Although preparedness carries transactions fast, there are still unforeseen events that can affect the development of a housing deal. You must account for the issues of homebuying in order to cross the finish line. Why? Because you need to buy or enter a binding contract to buy your principal home before May 1. The June 30th deadline is mainly for the closing period, meaning you have to own the home before that date.
Covering for circumstantial events
Like aforementioned, there are several things (mortgage falling through, home sellers reluctance, etc.) that can impede a homebuying transaction. What you can do to avoid these circumstances is to be prepared for them.
First, take time looking around for the right property. While there is a treasure-trove of real estate nowadays, you still have to be careful in choosing. Concentrating on your homebuying tasks is also useful. Since you need to enter a deal before May 1st, condensing your search in areas of the city in which you are most interested is sufficient to help you find a great property.
Second, back your finances up. Although the credit will be helpful with the down payment you need for the property, certain expenses may arise during the deal. If you have a pre-approved mortgage, for instance, and it fell through before closing, knowing exactly what you need to do is crucial.
You need not yield to the situation; control it before it controls you. In this instance, having an expert agent is invaluable. Always remember that there are still plenty of options to consider and actions to take. Never close the doors to your available alternatives when buying a home. Most important, as your venture in Miami real estate gets shaky, covering all you basesfinances, especiallybeforehand, is fundamental.
