Want a Miami Oceanfront Condo? 5 Real Estate Tips From an Expert
Americans love to be near the water. It has been estimated that about 95% of all people in the United States live about an hour’s drive from navigable water. Florida, in particular, is a very popular state. Every year, more than 100 million tourists flock to the Sunshine State. Every day, the population there grows by one thousand people. For people looking to by oceanfront condos in Miami, one realtor, Karen Matluck, has published her tips in the Miami Herald for looking at waterfront homes for sale.
- There is never a bad time to buy property in Miami. According to Matluck, during the summer of 2017, the market for oceanfront condos had become more level. As of her writing of the piece, the differential that existed between what sellers were asking for real estate for sale and what buyers were willing to fork over was less than 5%. Knowing this can help people looking at condos for sale make offers that are reasonable and have a better chance of being accepted.
- Consider buying a new property. There is a construction boon going on in the Miami area. More and more oceanfront condos are being added to the market all of the time. Because so many existing homes that have been put onto the market, the price differential between new and existing homes has all but evaporated. That means the new beach real estate for sale is worth looking into. Matluck cites an example of one of her clients who had been looking for a preconstruction condo since 2014. In 2015, the client was able to get a unit in a new development.
- Talk to at least three attorneys. There are a number of good reasons to talk to at least three different lawyers. In the first place, you get a better sense of what your options are in this area. It can be easy to go with the first lawyer you talk to and connect with. It is important to totally trust the person who will represent you in the process of buying your property. In the end, you may go with the first person you talked to but you will feel better about your decision. If you are not from the United States and are not as well versed in the rules, regulations, and laws that govern the purchase of property, talking to at least a few attorneys to make sure the person you hire has your best interests at heart.
- Remember that not all sellers are in a hurry to sell. There are a lot of people looking for oceanfront condos assume that because the market favors the buyer that all sellers are desperate. That is simply not the case. Going in with the idea that the person selling their property is desperate to sell can lead you to make offers that have no chance of being accepted. Even when Miami is a “buyer’s market,” the people selling homes are still more likely than not to set their prices according to something other than the state of the market.
- Remember, your realtor knows what they are talking about. There are a lot of different kinds of realtors. There are realtors who specialize in family homes. There are gay realtors. There are all kinds. There is one thing that binds them all together; they are experts in real estate in the market where they work. Looking at a website is no substitute for getting good advice from a qualified realtor. You can get more real-time information from your realtor than you are ever going to get from a static website. They understand the market, they know the value of the oceanfront condos you will look at, and they can read sellers. There are a lot of factors that will influence the price of a property, your realtor is an expert in these areas as well. You would be well served to listen to them when they give you advice.
Buying any kind of property in Miami, from oceanfront condos to houses, can be challenging. The good news is that the process can go better if you follow these expert tips and tricks.