Let’s face it Miami is having a rough year in its market, at the end of the day everyone is having a bad year anyway, so investors shy away from it, big deal. Home buyers in the Florida area are getting more and more curious on what the market can offer to them. It is almost a hard fact that people tend to invest in the most unlikely places, let say the Foreclosure market. It is one of the most well-known market people attend to. Based on numbers alone, more that 40% of homebuyers in Miami travel lengths just to get a chance to see what is in the foreclosure markets have in store. Sure you can get a good deal in the market, because it is cheaper and it is easy to get good deals there, on the flip side though you don’t know what you are getting, you might get a good deal but you have more renovation to do it seems like you purchase another home.
For some reason personally I think that foreclosures in general are always not the best buys for one reason I think, and it is that the majority of the foreclosures that are available were originally purchased at the peak or near the peak of the market, thus giving the banks to lent too much money on these properties since the bank owed so much money on a typical foreclosed property the endpoint is they don’t have the means and the ability to sell it at today’s rate or market price. Which in time gives it a bad image to the masses, other than that issue that is raised, It think that more buyers especially those with tight budget relies heavily on the foreclosures. To make sure you are in the right path, you should consider checking and giving time on studying what you want to invest on.
The Miami Beach foreclosure market has been getting nice numbers, simply because the average home buyer wants to invest less. It is known that the numbers that we have in the recent years are rather off-peak but it’s nothing to be alarmed of because it is still in the imaginary “green line” in which means we are still in the safe zone. Once it gets the “red zone” it is the time to be alarmed, right now it’s all good. The foreclosure market is rather been saving the market for a few times now, because the new home sales are taking a bump and bruises, the condo market is getting the doubts and the commercial market is not posting good numbers either. I like to take this moment to reflect on how much the Miami real estate market is getting on other means of marketing.
Right now, the real story here is the amount of inventory on the market, people never stopped buying here and the foreclosure real estate market in Miami still continues to hit the right prices in terms of selling. It is still an important fact that you have to consider that the market is in a state of cramming and they are trying to chase the numbers ion which we all fell behind of. Remember that Miami is still in the infamous list and as long as the wind still blows in a direction which we all don’t agree, we have to ride it. The foreclosure market in Miami will save us for now but not in a high rate.