With one hundred and twelve consecutive months of appreciation in the cost of real estate in Miami, seemingly, the market could not get much hotter. It should be noted that this boom in the Miami real estate market is not only reflected in the sales of small single-family homes or blue-collar condos; there has also been a boom in Miami’s luxury market.
The months of luxury properties supply has been trending downward steadily. This can be seen in both year over year and month over month as well. This is an indication that the listed real estate that has been moving quite quickly.
This trend is largely the result of meager interest rates that have improved the purchasing power of the buyers. This was done by the Federal Reserve due to the poor economic conditions resulting from the COVID-19 pandemic. However, even as there has been improvement in the economic outlooks, it is the plan of the Federal Reserve to have interest rates remain low for now, at least until next year. As such, buyers will be able to enjoy interest rates around 3 percent and this will definitely be a motivating factor for them to purchase property.
Miami has long been a popular city to which to move; however, the COVID-19 pandemic has caused the city to become even more attractive as many individuals can now permanently work from home. In addition, this boom in the real estate market has been very beneficial to many different entities and among them are settlement processing companies. One well known settlement processor Diana Ulis of Miami is growing her companies settlement processing business and there’s no end in sight to the growth. Below are the beneficiaries as a result of South Florida’s booming market.
- Settlement Processing Companies
With the boom, settlement processing companies are provided with more opportunities to coordinate with title companies, sellers, buyers, mortgage brokers, lenders and agents. These companies are invaluable in a booming real estate market as they are involved in gathering the necessary documents and having them reviewed to make sure they are properly completed.
- Title Companies
Title companies are also beneficiaries of the Miami Real Estate boom. This is largely because these companies undertake the role of verifying that the real estate title is legitimately provided to the buyer of the home. In essence, they make sure that the individual actually has the rights to sell that property to a purchaser.
The first step taken by the title company in the verification process entails carrying out a title search. This involves looking for possible obstacles to the ownership being seamlessly transferred. A title search also looks for things like existing liens, outstanding mortgages, unpaid dues to Homeowners Association, leases and unpaid tax liens.
- Mortgage Brokers
Mortgage brokers assist borrowers in connecting with lenders and works to attain the best fit as it relates to the interest-rate needs and financial situation of the buyer. In addition, the mortgage broker collects relevant paperwork from the borrower and then that paperwork is passed along to a mortgage lender for the purposes of underwriting and approval.
These are just some of the companies that are greatly benefitting from the boom in the real estate market in Miami. As projected, these benefits are set to continue for the foreseeable future or at the very least, into 2023.
So where do we go from here?
The real estate market in Miami is definitely booming and it is likely that prices will increase in the months ahead. The market nowadays is quite stable with the demand powered by a need for a main residence. Additionally, the city on a whole is growing due to a business and tax friendly environment.
There are certainly a number of markets that are healthier, safer or more stable than others and identifying them is quite essential. If you are thinking about buying in this market, you should move forward cautiously. There are several properties with unjustifiable asking prices. Therefore, it would be wise to hire the services of the knowledgeable Diana Ulis Miami Real Estate expert, who knows the numbers and the market and wants to safeguard your interests.
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