Sunny Realty – Buy or Rent?

Canadians are among the highest foreign buyers who buy properties in Florida. Most of the time they spend winters in Miami Florida to get away from the brutal Canadian climate. Miami Beach is probably of the most valued and attractive destinations for the Canadian population, however, recently the North Miami Beach, Sunny Isles Beach, Hallandale Beach and Hollywood Beach are among the hottest places to visit and to stay for the Canadians. However, finding the right property presents a challenge because of the physical location of the buyer and the seller.

Years ago, it used to be that the Canadian had to come to Florida, look for the property and then buy it. Today, this process had changed a lot because the buyers no longer have to physically come here. Instead, they can use an on-line real estate resource such to find the perfect property of their dreams. They can even call free on whatsapp or viber to find out all the details. Lots of times the broker acts as their eyes and uses facetime feature to view the details of the property you would not see on the pictures.

Where is the true Hype ?

It is a fact that trendy neighbors come and go but the value of the property is what determines the worth of the investment. The Miami Beach is the hottest place to make an investment and it is the best place where you can buy a condo or an apartment. Coral Gables is the ultimate place where you can buy a home for a single family. It is also true that most of the respondents avoid making an investment in this area and the No. 1area is Brickell. Most of the real estate agents know that the perception of the Miami Beach is becoming overvalued but they also consider that this is misplaced.

People are interested in making an investment in condos that are recently constructed and they are available at fewer prices as compared to what people have paid in the previous year. The reason is that the supply of brand new luxury condos in the area is more than the demand so their value is dropping up to 25%. Truly saying this trend is not the reflection of the total Miami Beach Market for the single-family homes. The price of these condos is about USD 2 million and it will remain strong.

The Undervalued Neighborhood  

Most of the people chose Homestead as the undervalued neighborhood.

  • Here the property values are very affordable.
  • This area has the potential to grow as a larger entity.
  • You will also agree that homestead is an undervalue place. Here the median prices of the home just line up with the income of the owner.
  • Some of the houses in the locality are made brand new and they are also present in gated communities.
  • The area has potential because it has restaurants, shopping malls, and hospital.

Sell, Buy or Rent -What you should do?

The most important thing that is critical is timing. You are a seller or you are entering this market as a buyer, timing is the most important thing to consider. As per a survey, 45% people said its time to buy, 29% said its time to sell and the remaining 25% were in favor of both. More than 70% experts have the view that in the resent time it is better to own the property the remaining people said renting is the best option. The truth is that more people are looking for rent.

The consumers have a perception that the market is just ready to enter into the new cycle. The consumers are the optimist and it is a clear sign that the industry is shifting towards the buying t trend. In Miami, there are about 34,000 condos in the pipeline and there are a lot more to build in future and the market price is already very high. The buyers are up in the air on one side and the sellers are butting them down from the other side. the buyers have the advantage of negotiating.