Sanders

If you are looking to make investments that will always appreciate, look no further than the seventh largest real estate market in the U.S, the Miami real estate market. The town’s housing market is the fourth most valuable trailing after Washington, New York, and Los Angeles. From 2010, Miami’s housing market value has been appreciating by 4.7% year after year.

With such an increase, imagine what a property’s valuation would come 2025. A real estate investor would consider several reasons for investing in Miami. The big question is, “will the town be among the hottest real estate markets in the coming years?” To answer this, let us go through some Miami housing market trends.

Miami’s Real Estate Market Trend

Redfin’s and propertiesmiami.com statistics show that Miami has a competitive housing market. Houses on sale receive an average of one offer and sell in at least within 63 days. The average sale price of a home is $322,000, which is 6.7% higher since last year. There are around 25,000 homes for sale in Miami which range from $389-$55M. There are about 14,000 rental properties which range from $625-$250k per month.

After 2007 housing market decline, investors turned their interests to single-family rental properties. This means that investors who rent out their properties have an almost immediate cash flow.

Homes rented by single families in Miami have grown up to 30% within three years. So, if you are looking forward to real estate investment in Miami, consider venturing to single-family rental properties.

Miami has 122 neighborhoods, 160 middle schools, 242 elementary schools, 354 charter and private schools, and 104 high schools. The best areas to purchase real estate in the City of Miami are Aventura, Kendall, and Brickell. The Village of Key Biscayne is Miami’s most expensive neighborhood. Its median listing price is $1.4M. On the other hand, the most affordable neighborhood is Fontainebleau. The neighborhood’s median listing price is $214k. Below are some of the best neighborhoods to invest in real estate in Miami.

•    City Center

•    Biscayne Blvd/Miami Dade College

•    SE 1st Ave/SE 2nd Ave

•    NE 14th Street/N Miami Ave

•    SW 1st Street/S Miami Ave

•    NW 36th Street/N Miami Ave

•    Buena Vista

•    NE 2nd Avenue/E Flagler Street

•    NW 17th Street/NW 7th Avenue

Reasons to Invest in Miami Real Estate

As is evident, Miami’s real estate investment is a lucrative business opportunity. It fetches investors good returns as home prices appreciate year after year. Both short-term and long-term investors find it favorable purchasing houses in Miami because of the following reasons:

The Beach

Miami’s subtropical weather and its magnificent beach attract thousands of tourists each year. As a result, foreigners from all over the world are buying houses to use them (especially beach house condos) as vocational properties. Almost half of the foreigners who purchase homes in Miami become Miami citizens.

Miami is a

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Buying property abroad is more popular than ever, with increasing numbers of people following their dream in purchasing a holiday home, a buy-to-let, or moving lock, stock and barrel to the sun.

The interest in purchasing property abroad has increased at an amazing rate in the past five years, fuelled in the UK by a booming domestic housing market making overseas properties seem good value for money. Also, TV programmes like Channel 4’s `A Place in the Sun’ have made everyone realise that owning a property abroad is no longer just for the rich and famous.

People are interested in purchasing a home overseas for a variety of reasons – enjoyment, investment, a new life, retirement, and more.

Every international location has rules and regulations regarding the purchase of land or property by foreigners and it is important to be aware of what is expected while doing your investment research.

Buying Guide for Worldwide Properties.

• Understand the Market before you buy
• Don’t be afraid to make numerous visits with tradesmen to find out what you’re letting yourself in for.
• If you’re tempted to buy a run-down property to renovate and sell on, check how long it’s been on the market.
• If it’s been there a long time, it suggests there isn’t a lot of profit to be made. Find out more in our renovating for profit section.
• Use qualified professionals to protect your interests and make the purchase of your new home a stress-free experience.

Estate agents are a good source of advice. Only negotiate with ones that are officially registered and hold a licence. Ensure you have a good lawyer with an excellent command of English and the native tongue, to deal with the endless stream of rules and regulations. For instance, did you know that if you’re buying in Spain you’ll need to make out a will in Spanish before buying, or that you can inherit debts from a previous vendor?

There may be investment prospects, but it is essential that you seek independent expert professional advice before undertaking any property purchase. There are lots of things to bear in mind, including local laws and regulations, taxes, surveyor’s assessments of the building, financial currency exchange, dealing with interbank transfers, volatility of the housing market, etc. etc.

In some countries there are various restrictions on foreigners owning land or property, so this needs to be checked out fully. Any property purchase is a major undertaking.

Research all legal issues and costs involved. Your solicitor/lawyer will advise and assist you. Before you have decided on a property it’s important to be fully aware of the legal process and costs involved in your puchase. Obtain professional advice and check your finances, taking account of these additional costs.

Be well prepared with your finances; taxes can be high when buying. Set up a direct debit from a native bank account to pay for bills. Be careful not to miss payments and read those red letters; foreign banks are not lenient with those …