In this blog, I’ll give you 6 reasons why this is a great time to buy.
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- Lower competition: With fewer active buyers, you have the chance to choose a property you truly like and negotiate the price. In the past, this was nearly impossible; bidding wars were common, and even offering $20,000 or $30,000 more didn’t guarantee you’d secure the property. Today, we’ve managed to close deals for up to $30,000 below the listing price.
- Interest rates: Finally, interest rates are less than 7% and many investors still prefer financing over paying cash. Why? It’s simple: you can always refinance. High rates won’t last forever, and in about two years, they’re expected to return to more stable levels, allowing many buyers to refinance their mortgages and lower their monthly payments.
- Down payment assistance: In 2024, down payment assistance programs have been activated twice, allowing first-time homebuyers to save up to $15,000 on the purchase price. Such opportunities are hard to come by in a more competitive market.
- Opportunities outside of Miami: While many focus on Miami, did you know you can find a 3-bedroom, 2-bathroom house for under $300,000 outside the city? There are still amazing opportunities out there, and many first-time buyers and investors are choosing to explore these areas.
- Drop in condo prices: Due to new regulations on condos, many communities have significantly lowered their prices, leading many to consider purchasing condos instead of houses or townhouses.
- Possible price increases: If you think the market has reached its peak, it hasn’t. Prices can still go higher. If interest rates drop, the number of buyers will increase, pushing prices up again.