Are you thinking about buying a Miami property?

You may want to consider the following:

1) Average home prices in South Florida went back to 2003 prices and some brand new ones are selling for less than it would cost to build one from scratch.
Furthermore, the average price for a single-family home – nowadays about $217,000 -is starting to be affordable to people earning the average income in Miami-Dade and Broward counties. This could start raising the demand from people who never thought about owning a home before.
2) Today interest rates are at a record low. This could mean that buyers can save more money buying now, rather than wait for lower prices, but at a higher interest rate.
3) Lets not forget about the incredible opportunities of foreclosures and short sales! The overflow of homes, condos villas and lofts on the market also means lower prices.
4) A new $7,500 tax credit is available for first-time home buyers until July 1. This can be used lower the down payment