Some people will fiercely proclaim otherwise but the truth is right now, the Miami Beach condo market caters largely to buyers and is currently at a point that it hasn’t seen in many years with some of the lowest values that are still falling, at least if the Florida Association of Realtors (FAR) are to be believed. While it may have negative consequences in terms of weakening the economy, intrepid buyers and investors can find some incredibly valuable deals.
Why is it that now a good time to buy a Miami Beach home or condo per the FAR? It’s simple, really. The glut of existing homes for sale opens up plenty of options that range from more affordable, realistic prices to reduced mortgage rates that translate to much more convenient monthly payments than what is common during better market times. Do some research and you’ll also find that renting a condo or home, especially at the present time, is nowhere near as worthwhile an option as that of actually owning a home. To a lesser but still noteworthy degree, Miami Beach and its tropical lifestyle make it a great place to live.
Another truth: houses are still among your best bets in terms of strengthening your financial security and gaining an investment that will yield long term results. Equity continues to build and therefore, so does your overall wealth. The tax perks you receive as a homeowner as opposed to renting also make a strong case for buying a home.
National Association of Realtors experts are saying that the market has dipped to about as low as it’s going to get and this year will finally start to see it slowly return to a better climate, particularly during the latter part of the year as buyers start to regain confidence, seize upon the low prices, and sales remain relatively steady. Couple this with the efforts being made by the government to spur the economy and suddenly, buying a waterfront condo or single family home doesn’t seem quite as absurd.