The Real Estate Market In Miami Is Booming: Here's How To Buy Your Dream Home (Published in Forbes)
While Covid brought many things to a halt, one thing that actually accelerated during the pandemic was the real estate market, particularly in Miami. Now, many people in the area are swapping out their smaller homes or apartments for large homes with a big backyard. This migration trend was already in its early stages, with remote work becoming more common, but the arrival of Covid-19 amplified it. When offices shut down last spring and most people began working remotely, the world started to change.
Working from home cuts out the time and expenses necessary for commuting and it gave many workers and their employers a new perspective. As it became more acceptable to work from home, employers saw that their employees could still get their job done without being in the office. With this perspective, the real estate market began to see an increase in property purchasing as those with remote jobs began to migrate down to Florida. If you’re considering making a move to Miami, there are a few things to keep in mind.
Find an excellent realtor.
A realtor is going to be your best friend in looking for a property in Miami because they know the ins and outs of the city and what to look for. Some realtors are seller-centric, so keep this in mind when choosing a realtor. Additionally, some realtors may lock you in with contracts so that you don’t take what you learn from them and run to a different realtor, so do your due diligence before signing anything. You need to look for a realtor who has your best interest in mind. You may think you need to skip this step, that you can find a property and seal the deal with minimal assistance, but having someone who knows the area, the market and what’s available will benefit you in the long run.
Find the perfect property.
Before you begin looking at properties, consider your budget, taxes and location. Many people moving to Miami want a beachfront property, but more and more people are opting for properties that aren’t directly on the beach due to erosion. Also, by purchasing a property that isn’t on the beach, even just a few miles out, you can save thousands on your purchase. Choose a property that’s ideal for you and your situation. Once you narrow down what type of property you’re looking for by price and location, you can get on the ground and start attending open houses and getting a feel for the neighborhoods.
Get started on the buying process.
Once you find a place you’re willing to invest in, you can put earnest money down, curate an offer and start the buying process. This is the stage in home buying that can drain pockets faster than you can say, “Sold.” It’s a good idea to have excess funds available so you can prepare for any unexpected expenses that can pop up. Another thing to consider is the pre-approval process through a bank or loan lender. If you’re seeking a loan to purchase your home, you’ll need to keep in mind that there are other factors when purchasing a home besides your taste, namely what the bank says you can afford.
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While Covid brought many things to a halt, one thing that actually accelerated during the pandemic was Miami’s real estate market.