Three Reasons to Buy Miami Real Estate Before the End of the YearOctober 16, 2011
Fall is coming to Miami… For many residents, this means the coming of cooler crisper weather, the anticipation of our “season” to start as we prepare for events like Halloween on Lincoln Rd, Sleepless Night, Art Basel Miami Beach, and of course, getting ready for family gatherings during the holidays, such as Thanksgiving, Hanukkah, Christmas, Yule, or Kwanzaa. Whatever the holiday, our perfect weather during this time of year almost always means you’re getting visitors. And why wouldn’t they want to come to Miami? There are few places in the US where your morning can start with a refreshing swim in the ocean this time of the year. I just love getting out early and seeing the water look like a reflection pool, where the smallest of waves coming up to shore sing along with the winged wildlife. Look out at the horizon and you’ll surely think you saw a dolphin (you probably did). Ships seen way in the distance add to the sparkling water. Take a stroll along the elevated boardwalk that runs from 23rd St to 47th St in Miami Beach. One of the many treasures you’ll find here.
With all the fun events and holidays to prepare for, why should you think about buying at this time?
Reason #1 – Homestead Exemption for 2012: If you close by December 31st, 2011, you’ll be eligible to file for homestead exemption. This provides for up to a $50,000 reduction in assessed value and a cap on future increases as well. The assessed value for tax purposes is used to calculate the property taxes you’ll pay. Simply put, having a low assessed value is the goal. And with the value today significantly less than what it was at the height of the real estate market, property taxes are lower than they’ve been in years. Also, filing for homestead exemption will cap the yearly increases into the future, so your taxes won’t change much year to year. The rate of reduction in 2011 was much less than in 2010. We’ve also experienced an influx of real estate purchases, which are causing prices to increase in some neighborhoods. Although no one can guarantee whether real estate taxes will continue to decrease in 2012, given the activity and huge gap between assessed and market value in the county, filing for homestead exemption sooner than later seems like a simple reason to buy this year.
Reason #2 – Seller Motivation: The end of the year is a marker for many of us. We think about goals we want to set for the new year, and those that we wanted to accomplish in the ending year. If a seller has been trying to sell for some time, they generally are more motivated than when they first listed the property for sale. Add the fact the year is coming to a close, and their motivation to get out with the old and into the new gives the buyer an edge. The motivational conditions will surely be in the buyer’s favor, and you’ll be negotiating an agreement for that new home with ease.
Reason #3 – Competition: Because there really is so much going on during this time of year, i.e. holiday parties, family visits, shopping, many people don’t add the purchase of a home to their to-do list. With a smaller audience paying attention to those motivated sellers, your efforts to pack in a purchase this year can really pay off. Need I say more?
There are plenty of other reasons to buy now, like toasting the new year with the accomplishment of a very important goal, enjoying the rest of our wonderful weather in your new home, and generally beating the rush of seasonal buyers we start to welcome in January. Whatever your reason, we’re happy to assist you in your effort to make a purchase now. Give us a call today, and let’s get started!