Posted by Victor on Dec 6, 2011 | 0 comments

With market values and interest rates so low, anyone who had been waiting to buy has pretty much stepped into high gear, at least here in Miami Dade County. To quickly recap, our real estate market cycle peaked for sellers back in April of 2005. Asking prices were being set at $10,000.00 to $20,000.00 above appraised value, and buyer’s were paying it… out of pocket. If you didn’t have the extra saved up, you didn’t buy. It seemed like each sale had a part in driving our home values skyward.

By the third quarter of 2008 the market had peaked for buyers. Inventory levels were so high we could have gone 5 – 6 years at the rate they were selling without running out of homes for sale. Buyer’s had their turn hitting seller’s hard with their terms to do the deal.

Now as we approach 2012, buyers are competing for the reduced amount of property offered for sale. Most areas here have stabilized or are starting to show modest increases in home values. Anything you can do to make your offer seem more appealing to the seller is really going to help. Shop for your lender, compare rates, and get the loan process underway. Discuss the loan options you have with your lender. Get the letter from your lender in advance as well as your good faith estimate. Before you shop, find out how much you can spend on a property and remain comfortable with the monthly payment. Don’t have a lender? I’ve worked with a number of good ones over the years.

Thinking about using an FHA loan to purchase a property? They just increased the loan limits for Miami-Dade County. For a single family home, the limit used to be $345,000.00. It’s now raised to $423,750.00. Talk to your lender, find out the max price you should spend based on the monthly payment and call me. I’ll help you find something that keeps you within your budget.