Buying a home now in Miami-Dade County is tough enough, especially for middle-class residents who want to buy rather than continue renting.
Three local experts, Maria Carillo, Realtor of The Keyes Company, Grant Stern, President and Mortgage Broker of Morningside Mortgage, and Nancy Klock Corey, Regional President of Coldwell Banker Realty, offered tips for people to better position themselves in this market competitive and expensive housing. .
Do not hesitate to make offers
Move quickly to make an offer when you find a property you wish to purchase due to the competitive nature of the Miami area real estate market and the meager inventory of homes available for purchase.
“If you have 20 showings and you get five good offers, you don’t need to keep showing,” Carillo said. “Some people have a deadline and say the offers will be due in a week. Then it’s a bit better for the buyer.
Get prequalified for a mortgage
As early as possible in the home buying process, learn about financing and determine which mortgages and related financial terms you qualify for.
“Make sure you’re prequalified on interest rates now. Knowing where you stand is important,” Stern said.
Work with responsive mortgage professionals
Work with a mortgage broker or lender who can respond quickly to your needs. The home buying regime is changing at a rapid pace, so having a mortgage professional who can answer your questions quickly makes a significant difference in closing a deal.
Paying selling fees can help you land a home
Nancy Klock Corey, regional president of Coldwell Banker Realty, said doing things that benefit sellers, like paying their selling fees, can make them more attractive as buyers.
“They may want to consider paying seller fees like duck stamps,” she said.
Flexibility is key
Buyers should be flexible and be prepared for any seller scenario.
“You might want to be prepared for a seller who wants to stay in a property after closing,” Corey said, as an example.
Shop aggressively for home insurance
Look for an insurance agent who can quote you a price on a home insurance policy that meets your needs as soon as you find a home you like.
“The first time you find a property, quote everyone,” Stern said. “Insurance agents will have a wide range of rates and they will make more money on higher premiums.”
Understand how location affects home prices
Buying a home near an area such as a flood zone is often risky and leads to increased insurance and other costs.
“If those are the places you’re looking for…your dollar won’t go that far,” Stern said.
Prepare for another year of tight housing inventories
Experts predict that Miami-Dade will remain a hot housing market throughout the year, which means anticipating high home prices and stiff competition to buy.
This story was originally published April 20, 2022 8:24 p.m.