For the past yea, the Miami Beach Real Estate market has been recovering well despite the negative effects of the previous years. Buying and Selling Miami Beach homes has become popular due to positive market growth plus supply and demand for luxury waterfront Miami Beach homes. Many buyers may be wondering if their purchase of a new Miami Beach home for sale in this current market was the right financial decision. According to a recent study by the National Association of Realtors® (NAR), most people living in the United States and places such as Miami Beach would answer that question affirmatively.
The 2013 National Housing Pulse Survey revealed that eight out of ten Americans believe home ownership is a good financial choice. For those looking to Sell Miami Beach homes as well as those interested in Buying Miami Beach waterfront homes, this is positive news going forward into high season. The study further revealed that more than half of renters (51%) list home-ownership as one of their highest future priorities and that 36% of those surveyed were thinking of currently buying a home, which is great news if you have been considering selling your Miami Beach home.
According to NAR President Gary Thomas there are many benefits to Buying Your Miami Beach Home, “Home-ownership matters to Americans who consistently realize the many benefits it provides to communities, families and the nation’s economy. Due to high housing affordability and today’s interest rates it makes sense for people to consider home-ownership over renting, especially in Miami Beach Island communities and waterfront neighborhoods. In fact, in many parts of the country it’s cheaper to own a home than to rent one. On Miami Beach, the benefits to Buy a Miami Beach home for sale, outweighs renting when it comes to the living the luxury lifestyle. Therefore, it’s no surprise that renters recognize that owning and buying your Miami Beach home offers tremendous long-term benefits and is an investment in their future.”
Interest rates dropped again this week, with the average 30-year fixed rate mortgage showing at 4.31% (.8 point), making housing even more affordable. Inventory is more available in many areas and according to the Pulse Survey, residents are noticing it. 38% of respondents shared that they had seen as increase in their local housing market activity and in pricing.
Income to debt ratios remain a challenge for many home buyers. “Student loan debt is a concern for many consumers in today’s market, especially first-time buyers,” related Thomas. “Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment. Pending mortgage finance regulations requiring higher down payments could also contribute to the already tight lending environment. Realtors® are working with regulators to address this issue and are committed to making sure those who are willing and able to own a home have the opportunity to pursue that dream.”
American Strategies and Myers Research & Strategic Services conducted the 2013 National Housing Pulse Survey for NAR’s Housing Opportunity Program and polled 2,000 adults nationwide. The study reports a margin of error of plus or minus 2.2 percentage points. View the study results here.