Miami, FL (PRWEB) September 18, 2013
Miamis booming housing market in July was driven by robust growth in the sales of homes, condos and town houses valued $ 200,000 to $ 399,000 and the over $ 600,000 range along with a significant increase in the new listings of properties over $ 400,000, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
The double-digit growth in the sales of mid-range single-family homes, condos and town houses is driving Miamis robust real estate market, said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. The fact that we are seeing such strong growth in the listings of both mid-range and high-end real estate is further evidence that there has never been a better time to invest in Miami. We are a vibrant community and our soaring housing market will be the backbone of Miamis continued economic prosperity and success.
Growth in Miami Single-Family, Condo and Townhouse Sales
Sales of Miami single-family homes valued between $ 250,000 and $ 299,999 drove Julys historic housing rally with 131 closed sales, an increase of 138.2 percent from the previous year. Moreover, there were 128 sales of $ 300,000 – $ 399,999 homes in Miami, an increase of 88.2 percent from July 2012.
Meanwhile, 154 condos and townhouses ranging from $ 200,000 to $ 249,999 were sold, up 60.4 percent from 2012. The 100 luxury condos and townhouses sold at $ 600,000 to under a $ 1,000,000 represented the largest sales increase with a surge of 63.9 percent compared with July 2012 figures.
We continue to see great demand for Miami properties in all price ranges, but a decline in available listings in the lower prices ranges is limiting sales under $ 100,000, said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. The lack of low-end supply is due to rising prices, which have steadily seen double-digit increases over the last two years. The rise in sales of mid-range properties is a result of pent-up demand.
Strong Growth in New Listings in the $ 400-599k Range
The Miami market has experienced robust sales activity for nearly three years, yielding strong appreciation consistently during the last two years. As a result, sellers who were waiting to recover equity have recognized that now is a great time to sell. Despite the uptick in new listings, supply remains insufficient to satisfy demand, particularly in the lower price points.
Condo and town houses make up 59 percent of all Miami property listings. Of the 2,838 condos and townhouses listed last month, the 344 valued between $ 400,000 and $ 599,999 increased 82 percent compared to July 2012. The second fastest growing group of newly listed townhouses and condos were the 338 valued $ 150,000 to $ 199,999, which saw a 63.3 percent growth from the previous year.
Of the 1,948 single family homes listed last month, there were 232 whose asking price ranged from $ 400,000 to $ 599,999, an increase of 81.3 percent from 2012. Notably, there were 169 new listings for single family homes over $ 1,000,000, up 53.6 percent from last Julys 110.
July 2013 – Miami-Dade Statistical Reports
Single-Family Homes
http://www.miamire.com/docs/monthly-market-reports/miami-dade-county_single-family-homes_2013-07_summary.pdf?sfvrsn=2
Condos and Townhouses
http://www.miamire.com/docs/monthly-market-reports/miami-dade-county_townhouses-and-condos_2013-07_summary.pdf?sfvrsn=2
Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NARs rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 30,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has partnerships with more than 100 international organizations worldwide. MIAMIs official website is http://www.miamire.com.
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Miami Hard Money Lender, Quick Action Mortgage, Comments on Recent Housing Market Increase and Possible Effects on Florida Hard Money Lending
Sunday, October 28th, 2012Miami, FL (PRWEB) October 26, 2012
Many people are pleased with the U.S. Census Bureaus report of a 15% increase in new housing starts from August to September. This group of contented people includes hard money mortgage lender Jeff Karr of Quick Action Mortgage. Jeff Karr has been in the mortgage industry since 1988, so he knows first hand that when the housing market is doing well, businesses are also doing well. In a recent interview, Jeff Karr answered questions about how the improvement in the housing industry may positively relate to the hard money lending industry. For more information on Jeff Karr, Click Here for his website.
This is what Jeff Karr had to say about the recent 15% increase in new housing starts:
The U.S. housing market is getting back on the right track. That is great news for builders, buyers, and hard money mortgage equity lenders. Building new homes is critical in any real estate market and hard money mortgage equity loans will help people with poor credit. These loans will also help increase the much needed sales that the builders need to sell their properties. So, as you can see, hard money equity or mortgage equity loans are an important piece in the recovery of Americas housing market. These loans will increase builders inventory and increase property ownership for people with poor credit.
Since housing inventory is on the rise, it is vitally important that buyers are able to meet this increase in available houses. With recent changes in lending guidelines after 2008, buyers are looking for alternatives to the traditional bank loan:
U.S. Federal Banks are so difficult with their underwriting qualifications. Many people will not qualify for a mortgage loan because their credit is not up to par with the banks strict guidelines, and subsequently they will lose a chance to buy a house during the housing recovery. This is where a hard money mortgage equity loan comes into play. Jeff explains.
Builders putting their money into investment properties is a large part of the recovery. As young couples may not be able to afford a new home, they are able to get out of their parents extra room and get into an apartment. Savvy real estate investors are taking advantage of this and building apartment and duplex structures faster than ever. Jeff Karr explains the difference in qualifications between a hard money loan for investment versus homestead purposes.
With a hard money mortgage loan, if you are purchasing an investment property, all you need is equity and 45% – 50% cash down to qualify, regardless of your credit. If you are purchasing or refinancing a property where you will live, you still need to show the ability to pay back your loan with annual income. However, you can still qualify with bad credit. The banks guidelines may get even more strict in time so we are fortunate that these types of loans are available for buyers and builders.
Overall, these recent numbers show very positive movement in the U.S. economy, and at the perfect time as presidential campaigning is in full swing. While this is a very positive sign, only time will tell if this upward trend is consistent.
About Jeff Karr, Quick Action Mortgage:
Jeff Karr is the owner and president of Quick Action Mortgage, a licensed Miami hard money mortgage business serving Miami, Broward County, Dade, Palm Beach, Port St. Lucie, and the Florida Keys. They can be contacted directly at (305) 232-7817 or visit http://www.fkmortgage.com/ .
This press release was written and distributed by Justin Kunst of Local SEO Services for Businesses. Justin Kunst owns and develops internet properties for local and international businesses. However a business operates, Justin Kunst makes the internet produce income. Click here for more information.
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