Unless it’s reported by a major news source and then shared on social media several times, the average homeowner or soon to be homeowner remains unaware of how the market may be doing, even if real estate professionals usually have a good grasp of the market climate before anyone else. The following signs can, however, provide a good indicator that Miami’s condo market is currently at its apex.
For starters, it’s significantly easier now than it was a year or so ago to obtain financing as lenders seek new methods of attracting buyers. Condominiums approved by Fannie Mae can now close with a mere five percent down payment while those that are considered nonconforming need only ten percent. In the past, twenty percent would have been considered the minimum.
Developers have also loosened up their pre-construction deposit requirements. For example, at the Brickell Heights and Le Parc at Brickell condos, developers have stated that they’ve chopped their deposit standards from fifty to thirty percent down. While other projects have made any public announcements, developers are increasingly willing to negotiate.
Whether you are planning on buying or selling, always make sure that you’re not paying more than the market price and that you’ve thoroughly done the research on the neighborhood.
This update is brought to you by Miami Beach waterfront rentals, spearheaded by Miami Beach real estate agent and broker Julian Johnston. We provide information on homes and condos throughout the barrier island including the Miami Beach Islands, and you can easily customize your rental search by price and the dates you’ll be staying. Call 786-408-0322 for more information on rental properties in Miami Beach and beyond.