A big portion of the real estate market struggle is choosing where to invest in. Once that is finalized, investors have to decide what kind of homes to buy to get the best value for their money or return on investment.
Miami, Florida has maintained a track record of being among the best long term real estate markets to invest in the last ten years. In this period, it has seen a 96.54% appreciation.
In December 2017, Zillow released a report that suggested Miami was the fourth most valuable housing market in the US. Ahead of it were Los Angeles, New York, and Washington. The market’s total value is approximately $864.2 billion, with a stable 4.7% yearly increase in valuation.
Buying a Home in Miami, Florida
Miami remains a buyers market, and those looking for property here should seize this opportunity. The COVID-19 pandemic saw the real estate market suffering many losses, but it appeared to bounce back in July. By then, it was a balanced real estate market since buyers and sellers were equally distributed.
The popular city comprises five counties, and only two of these have experienced a year-on-year decline in sales. Miami-Dade and Broward saw a 6% and 0.7% drop in sales, respectively. The remaining three had increases, Palm Beach, Martin, and St. Lucie at 9.36%, 42.6%, and 20.5%, respectively.
Best Kinds of Miami, Florida Homes to Buy
The best Miami, Florida homes to buy depend on a couple of factors:
- The specific location of the home.
- Condition of the property.
- The type of real estate investment strategy for the property.
A Miami Single Family Home
Many investors may overlook this kind of home to buy because it has not been considered “hot” in the market. Due to this, construction and real estate development were channeled elsewhere, resulting in a low supply of this type of property compared to others.
A single-family home, however, proves to be a stable investment. There has been a steady rise in prices compared to the steep ones seen with other properties. A slow and steady increase points to buyers a high chance of greater, more predictable appreciation.
Miami Condos
Condos are usually the first Florida homes that come to the minds of buyers. They starkly contrast with single-family homes because they are in a much higher supply, which means sellers have to lower their prices.
Luxury condos in Miami, Florida, also follow the trends that average condos experience. Their supply is very high, and they go for about 25% lower than their market value. They make sense for investors who want to use the buy and hold strategy.
Apartments
This type of home is a popular option in Miami residential real estate. Apartments have been giving an excellent return on investments for the last couple of years. Their market stability is derived from the fact that their vacancy rates are falling.
Millennials display a preference for apartments over the more expensive condos. Apartments occupancy has been rising and rent prices along with them by 13%.
Miami, Florida has maintained a track record of being among the best long term real estate markets to invest in the last ten years. In this period, it has seen a 96.54% appreciation.
In December 2017, Zillow released a report that suggested Miami was the fourth most valuable housing market in the US. Ahead of it were Los Angeles, New York, and Washington. The market’s total value is approximately $864.2 billion, with a stable 4.7% yearly increase in valuation.
Buying a Home in Miami, Florida
Miami remains a buyers market, and those looking for property here should seize this opportunity. The COVID-19 pandemic saw the real estate market suffering many losses, but it appeared to bounce back in July. By then, it was a balanced real estate market since buyers and sellers were equally distributed.
The popular city comprises five counties, and only two of these have experienced a year-on-year decline in sales. Miami-Dade and Broward saw a 6% and 0.7% drop in sales, respectively. The remaining three had increases, Palm Beach, Martin, and St. Lucie at 9.36%, 42.6%, and 20.5%, respectively.
Best Kinds of Miami, Florida Homes to Buy
The answers to this question depend on a couple of factors:
- The specific location of the home.
- Condition of the property.
- The type of real estate investment strategy for the property.
A Miami Single Family Home
Many investors may overlook this kind of home to buy because it has not been considered “hot” in the market. Due to this, construction and real estate development were channeled elsewhere, resulting in a low supply of this type of property compared to others.
A single-family home, however, proves to be a stable investment. There has been a steady rise in prices compared to the steep ones seen with other properties. A slow and steady increase points to buyers a high chance of greater, more predictable appreciation.
Miami Condos
Condos are usually the first Florida homes that come to the minds of buyers. They starkly contrast with single-family homes because they are in a much higher supply, which means sellers have to lower their prices.
Luxury condos in Miami, Florida, also follow the trends that average condos experience. Their supply is very high, and they go for about 25% lower than their market value. They make sense for investors who want to use the buy and hold strategy.
Apartments
This type of home is a popular option in Miami residential real estate. Apartments have been giving an excellent return on investments for the last couple of years. Their market stability is derived from the fact that their vacancy rates are falling.
Millennials display a preference for apartments over the more expensive condos. Apartments occupancy has been rising and rent prices along with them by 13%.
