Looking to buy a Miami-Dade home? Here are helpful tips to close a deal in hot market
Buying a home now in Miami-Dade County is quite challenging, particularly for middle-class residents who want to purchase rather than keep renting.
Three local experts, The Keyes Company real estate agent Maria Carillo, Grant Stern, Morningside Mortgage president and mortgage broker, and Nancy Klock Corey, a Coldwell Banker Realty regional president, offered tips for people to better position themselves in this competitive and expensive housing market.
Don’t hesitate to make offers
Move quickly to make an offer when you find a property that you are interested in buying because of the competitive nature of the Miami-area housing market and the lean inventory of homes available to buy.
“If you have 20 showings and you get five good offers, you don’t have to continue to show,” Carillo said. “Some people have a time frame and say offers will be due in a week. Then, it is a little bit better for the buyer.”
Get prequalified for a mortgage
As soon as possible in the homebuying process, learn about financing and determine the mortgages and related financial terms for which you qualify.
“Make sure you get prequalified based on interest rates right now. Knowing where you stand matters,” Stern said.
Work with responsive mortgage professionals
Work with a mortgage broker or lender that can quickly meet your needs. The homebuying regimen moves at a rapid pace so having a mortgage professional that can respond to your questions promptly makes a significant difference to be able to close on a deal.
Paying sellers’ costs can help you land a house
Nancy Klock Corey, a Coldwell Banker Realty regional president, said doing things to benefit sellers like paying their costs to sell can make them more attractive as buyers.
“They may want to consider paying sellers’ costs like dock stamps,” she said.
Flexibility is key
Buyers should be flexible and be prepared for any seller scenario.
“You may want to be prepared for a seller who wants to stay in a property after closing,” Corey said, as an example.
Shop aggressively for homeowner insurance
Shop around for an insurance agent that can quote you a price on a property insurance policy that meets your needs as soon as you find a home you like.
“The first time you find a property, quote everybody,” Stern said. “Insurance agents will have a broad range on what they charge and they make more money on higher premiums.”
Understand how location affects home prices
Buying a home near an area such as a flood zone often presents risks and leads to higher insurance and other costs.
“If those are the places you’re looking ... your dollar won’t go as far,” Stern said.
Prepare for another year of tight housing inventory
Experts predict Miami-Dade will remain a hot housing market throughout the year, which means anticipate high price tags on homes and plenty of competition to buy.
This story was originally published April 20, 2022 at 8:24 PM.
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