Miami House Prices

I went to Miami thinking that I would be able to buy my dream house for pennies on the dollar and was sorely disappointed. In parts of Florida that are less popular than Miami house prices are way down. In Miami prices are down somewhat, but from really inflated levels. Owners are asking for prices that are unrealistic and little inventory is moving. It seems the only way to get a deal is to buy a short sale or foreclosure where the bank is taking the loss. There is a lot of that as many got in over their head but the foreclosure process takes years and it usually takes three months to get an answer back from a bank on a short sale offer.

2 comments:

Anonymous said...

I'm in real estate and I would suggest you take your time. The housing market still has another leg to go down. Simply supply and demand -- way too much inventory and not enough buyers. Good luck!

nicasurfer said...

Also no insurance in condos is a part of the fees