Looking to buy 6 Months - How to stay informed

Looking to buy 6 Months - How to stay informed

Member since 2021 · 2 posts · 0 votes

Hello, I hope this sort of post is allowed here.  I'm a longtime Miami resident looking to buy my first home in about 6 months.  Have I gotten my act together at the worst possible time?  I feel like I am a bit too early to start working with an agent, but maybe I'm wrong.  How would anyone suggest I start educating myself about market trends and pricing down here?  I look at Zillow almost every day but I don't really feel like I'm getting much out of it since everything on there now will be gone in a few weeks and I feel guilty to take an agents time to look at listings.

To give a little more context for anyone still reading I expect I'll have about 100k for a down payment by April, but I am looking to keep all my payments under 2k a month (assuming 30 year mortgage + taxes + insurance + condo fees).  I have a long term job in Coral Gables and am used to commuting.  I'd like to buy something east of I95 and don't mind driving up to 45 minutes in the mornings.  I think I'm priced out of single family homes anywhere decent, and seems like I can barely afford a 2 bedroom in Brickell. Kids are in my 5 year plan so I'd like to be near a good elementary school.  Is the beach really so bad now?  I know that crime has gone up but I think a lot of residents have had enough and it seems like there is some momentum to do something about it.  I've seen the occasional 2 bedroom pop up by North Beach Elementary.  

Thanks to anyone who reads this, am I being unrealistic?

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  • Investor · Miami, FL · Member since 2017 · 229 posts · 271 votes
    4y

    Hey Kris,

    Welcome to Miami BP. 

    From reading your post I'm not seeing someone looking for a Miami real estate investment so much as someone looking for a first time home purchase.

    The good news it seems like you've got a lot of options. The bad news is...... it seems like you've got a lot of options lol.

    Miami, east of 95, is pricey almost everywhere so lets be honest. North to south you're looking at Aventura, Morningside, Edgewater, Brickell, Coral Way, Coconut Grove. Serious, serious money. A basic SFH in these areas will probably run 600K+ on the low end side (meaning you walk in and then have to rehab). Moving a little farther west to be closer to 95 and you'll land in Little Haiti, Liberty City, Allapattah, Little Havana which will get you a little more bang for you buck (although now I wouldn't even be too sure with these prices) but the neighborhoods will reflect that (take that how you please).

    If you've got 100K and your goal is to keep your monthly expenses under 2K I believe you're really looking at an apartment or condo within these areas. Definitely feasible and with money still cheap to borrow I can't imagine any better time for qualifying for financing.

    Message me and I can recommend a great realtor.

    Best of luck.

  • Stephen KeigheryBusiness Member
    Rental Property Investor · New Orleans, LA · Member since 2018 · 716 posts · 555 votes
    4y

    I don't know the Miami market so can't give you advice there but in terms of is it to early to start researching, absolutely not. You should get with an agent and discuss your goals and what you are looking for. Sure don't waste their time by going to see lots of properties when you aren't ready to pull the trigger but they can set up alerts from the MLS so you get emails about new properties and can start to get a sense of the market. I would watch sold properties as this is the best indication of value in the area/property type you like. The more you immerse yourself in the market now the more confident you become on what you like and what the value is. That way when you are ready to buy you will instantly know if something is a good deal and can move on it fast with confidence.

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  • Member since 2021 · 2 posts · 0 votes
    4y

    Thank you Jason for the quick run down and Stephen for the message.  I hope your property in New Orleans has fared well after the last Hurricane.

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