Consuelo Vilar

Another day and another homeowner becomes a Miami real estate foreclosure victim. This glut in Miami real estate foreclosures which encompasses everything from condos to single family homes has indeed opened up a huge market for Miami real estate buyers to buy hugely discounted Miami real estate property and realtors have long advocated the great Miami real estate opportunities in foreclosures…yet buyers are scarce.

Per a survey held in November, less than half of buyers would be willing to purchase Miami real estate foreclosures, a number that’s actually gone down since the beginning of this year where the number stood at a little more than fifty percent of Miami real estate buyers interested in foreclosed property.

For one, most buyers have become more aware of the difficulties in buying Miami real estate foreclosures which range from the costs that go unnoticed to the multiple and expensive costs involved in restoring Miami real estate foreclosures that are in less than desirable condition. Also, many Miami real estate buyers often have to wait long periods due to the glut of foreclosed properties many banks are trying to manage.

Foreclosures still remain rampant in the Miami real estate market and MLS listings are in many cases distressed Miami real estate property, particularly since South Florida is among the markets where foreclosures have skyrocketed.

Even with the lack of Miami real estate foreclosure buyers, the Miami real estate market offers lots of opportunities for these kinds of buyers. Provided they know that the discounts they’ll receive are largely dependent on Miami real estate property values, the options and savings might be worth the risks.

While the South Florida homes real estate market is still trying to recover, it has had some unintended but welcome aftereffects. For one, it’s managed to weed out agents so that only the most qualified and dedicated real estate agent is the one doing business in today’s market.

It’s not necessarily that hard to find deals on real estate like Aventura oceanfront homes however, it’s more about taking the time to find where the best deals for Aventura oceanfront homes are and which of them can deliver the biggest bang for the buck and result in more money in your pocket. Here are few areas where you can likely find such opportunities.

Commercial markets. Purchasing something like Sunny Isles commercial property can be expensive but by improving upon or wholesaling commercial property, lots of money can be made since people are usually on the lookout for Sunny Isles commercial property opportunities.

Empty land. Since many people already have an idea of the kind of Aventura oceanfront homes they’d like to someday build and own, it’s actually somewhat easier to sell vacant land than existing Aventura oceanfront homes. The best deals are often lots which can be sold to builders where two or more Aventura oceanfront homes can be built.

Older property. Okay so most of the Aventura oceanfront homes you’ll find will likely be modern residences but generally speaking, older South Florida homes built decades ago can be negotiated and purchased for much less than what these South Florida homes and/or lots are actually worth and then remodeled and sold for a much larger sum.

Condominiums. There may be more condos than builders and realtors know what to do with right now but many of those Sunny Isles Beach condos you see these days were not in fact Sunny Isles Beach condos but instead apartments that were converted into condos and sold for a handsome sum. Assuming you aren’t looking for anything too luxurious, a modest condo conversion won’t cost that much when it’s sold as Sunny Isles Beach condos for twice as much as the renovation costs.

There’s a particular satisfaction when buying new property like Sunny Isles Beach condos and the revelry of owning your own home instead of watching your hard earned money disappear by renting. Yet there continues to be a dearth of buyers, even though some of them are already well equipped with a sizeable down payment and often visit open houses on a weekly basis.

Obviously there is a major sense of comfort and security in your current dwelling. You’ve become content with whatever faults there might be, the area is familiar, you’ve made lots of friends, and there’s no sense of delving into such a lofty and risky venture when you’re happy where you are. After all, who knows whether Aventura oceanfront homes, despite their location will provide the same quality of life you enjoy now. What will happen if your new home doesn’t leave you sufficient funds for bills and personal needs or what if your neighbors are just unpleasant? These concerns are all completely understandable yet ultimately unnecessary by just employing a few common practices.

Always begin by evaluating your finances and averaging out how much money you’ll be shelling out versus what’s coming in so you know what you can afford while keeping extra funds on hand for any unforeseen circumstances. And like you’ve heard over and over again, save yourself unnecessary legwork and consult the services of a realtor.

Also remember that your needs should come before your wants. The former will be a major factor in your quality of life in your new home while the latter can usually be added on at a later date. If there’s a home you want that has all these qualities and is up for auction, put an equal amount of effort in your offer. An honest effort that fails is better than having made an offer you know for a fact wasn’t competitive and may have cost you the home you really wanted.

Finally, keep in mind that regardless of how well you prepare, there is always that element of unpredictability. By keeping extra money on hand you can be ready to tackle unforeseen circumstances, and remember that all South Florida homes come with homeowner’s insurance.

As if there weren’t already enough items to deal with in order to sell a home, some additional factors and questions have come into play that may affect the chances of the home finding a buyer and/or reducing the time it spends on the market. Most homeowners are well versed in what they need to do when the home first goes on the market but then there is also the question: should one furnish their Miami Beach luxury condo or present it in its bare bones vacant state?

There are people out there who have the mind of an interior decorator and have no problem coming up with an elaborate design scheme complete with colors and furnishings just by looking at an open space. Time has shown however that most home buyers don’t have this unique ability.

A vacant property for sale works against you in more ways than just making things harder for a prospective buyer. Not only will the property spend more time than necessary on the market, the property’s value will be assessed at a lower price and buyers will in turn respond with a lower offer. And that’s only the financial drawbacks.

In terms of aesthetics, unfurnished South Florida homes will have greater chances of showing whatever small blemishes they may have like small cracks or tears that would normally go unnoticed. A room without any furnishings also has an opposite effect, making the interior less inviting. Plus, wouldn’t you want to give a serious buyer a place to sit so they can work out whatever calculations necessary to take the property off of your hands?

In the end, the negligible costs of hiring a professional home stager or taking the time to practice your own interior design skills and doing it yourself will seem trivial. An inviting home is, as one would expect, a home the buyer will likely find just as welcoming.