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Whether it's finding that ideal luxury beachfront dream home or investing in the betterment of your family's future, the founders and staff of Museum Park Realty have created a company built out of sheer devotion to, and love for Miami real estate. The complete, meticulous and undivided attention our trained professionals devote to every detail of your unique transaction sets us apart from the competition: we treat your South Beach condo purchase or any other transaction as if it were our own. Situated in Florida's finest, most dynamic and diverse resort and condo community, we want to ensure you experience the equivalent of paradise.
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Real Estate News
Updated: Tuesday, January 15, 2019


What You Dont Know About Real Estate Could Cost You

Itrsquo;s what you donrsquo;t know about real estate that could cost younbsp;when buying or selling.

bull; First-time buyers usually havenrsquo;t seen enough houses or condominium units to fully understand where real estate value lies.

They may not have been caretaker of a house and, therefore, donrsquo;t notice subtle signs of damage, sloppy construction, poor maintenance, or worn-out elements. Those who have visited friendsrsquo; houses will ra>

bull; First-time-in-a-longtime buyers may not realize that they are out of touch with advances in materials, modern design approaches, or evolving life>

This can lead them to under- or over-value new houses or condominium units.nbsp;For example, quartz kitchen countersnbsp;have gained popularity over marble and granite for several reasons. Open-concept design is preferred by those with small children or those who live to entertain, but not by those who are untidy, >

bull; First-time sellers who base resale value on their total costnbsp;of acquiring and maintaining real estate ownership, plus expectednbsp;profit, have missed the point.

Emotions, including pride of ownership, can get in the way and prove expensive. Sellers may believe that their cost of buying and transforming the property into their home, plus money spent on maintenance and upgrades, plus profit and the cost of selling, including commission, add up to their actual ldquo;bottom linerdquo; for resale value. Problems arise for sellers when this must-have sale price is not in line with market value, which is value determined by the real estate market - current buyers and previous sales. When the seller expects more than market value, this ldquo;over-priced listingrdquo; may take longer to sell, may eventually sell for less, or may fail to find a buyer. First-time sellers may lack experience evaluating how their property compares with local property values and appraising their property from the perspective of current active buyers.

Value determination and marketing - or communicating action-enticing value to potential buyers - represent two different professional real estate selling-skill sets, neither of which are usually possessed by sellers.

bull; Empty-nester and downsizing sellers may decide, in theory, that smaller and cheaper are the characteristics they desire in their next property, but some discover itrsquo;s a different story in practice.

When faced with the actual move to a smaller house in a cheaper location, they may find the mental leap too great. Downsizing is often wrongly considered me>

Many faced with wanting a change find they lack the real estate knowledge and planning expertise to make the shift gracefully acceptable and financially successfully.

bull; Newbie real estate investors may believe that crunching numbers to determine how much profit they want and what it will cost to achieve this profit is all it takes.

Creating an offer to purchase, which entices a property owner to sell for the buyerrsquo;s desired price, requires special professional expertise. Then, offering the property for profit-generating rent that will attract qualified prospective renters involves a different set of professional skills. Many new investors possess neither skill set, which are both common in real estate professionals.

The emotional element regarding what sellers will sell for and what renters will pay to live in the resulting investment property can influence financial gain and bottom-line projections. Skill and experience is essential to investors taking all this into account to create profit.

What you donrsquo;t know about property ownership and real estate transactions can cost you when buying or selling, wherever you fit in on the list of buyers and sellers above. Do you have experience with contracts, financing, interior design, renovation, conflict resolutionhellip;? Then, therersquo;s marketing - both using it to persuade others and personally fending off its effects when yoursquo;re making decisions.

What you donrsquo;t know about real estate, real estate professionals do. They are committed to studying and keeping up to date on what matters. Most have spent years on the job perfecting their expertise and learning local markets.

Would you surgically operate on yourself or drill your own teeth? Itrsquo;s that extreme an issue when you donrsquo;t engage available professional skill and knowledge to work for and with you.

Concentrate on learning what the right real estate professional cannbsp;help you achieve.

Not the least of which is discovering what you donrsquo;t know about buying and selling. When you think, my goal is ldquo;buy my dream homerdquo; or ldquo;sell at my dream price,rdquo; understand what will have to happen and what you must do to achieve the desired outcome.

If you donrsquo;t know where to start, no problem.

Real estate professionals are trained to know what needs to be done for prospects and clients every day, every offer, every transactionhellip;. Do you know what yoursquo;ll gain with professional help? How determined are you to achieve real estate goals and exceed your expectations, as quickly and hassle-free as possible?

To continue learning about buying and selling real estate, checkout more Realty Times articles by PJ Wadenbsp;The Catalyst:

bull; 4 "Big Regrets" to Avoid When Buying a Homenbsp;
bull; Trends Cost Sellers Money
bull; Ready to Talk About Real Estate?


> Full Story

5 Reasons to Buy a Fixer-Upper Instead of a Perfect Place

.It costs less

ldquo;Fixer-uppers list for an average of 8 below market value,rdquo; said LearnVest. If yoursquo;re on a budget or are being priced out in your market, this is a way to get a literal foot in the door. How much depends greatly on the location. ldquo;Fixer-uppers in Phoenix have the smallest cash discount, saving buyers just 1,000 off list price. But you can save a lot of money in expensive markets like San Francisco, where fixer-uppers are discounted an average of 10mdash;giving homebuyers 54,000 in upfront savings for renovations on the median home.rdquo;

You may be able to finance your renovation

One of the major drawbacks of buying a home that needs to be fixed up is having to come up with the cashmdash;especially after yoursquo;ve just put so much money into your down payment and closing costs. There are a few different types of loans that package the mortgage with funds for renovations, and they often come as a surprise to buyers who have only focused on FHA and 30-year conventional loans.

ldquo;Whether you need a new roof or your kitchen is outdated, there is a mortgage thatrsquo;s right for your fixer-upper,rdquo; said Bankrate. Fannie Maersquo;s Home>

It gives you the opportunity to build value

With an already-updated home, ldquo;If a seller has redecorated or improved the whole place, that seller is reaping the benefit,rdquo; said Forbes. ldquo;If the homes value has been raised, the buyer is paying for it. Also, consider this reality: A seller who re-does a whole house in order to sell is not likely putting in the highest-quality materials. Theyre cutting costs to maximize profit. But if you buy a fixer-upper, you might be able to secure an undervalued property, improve it and get the benefit of the extra equity. Its a core real estate concept. If you can find the right property, this could mean thousands of dollars almost immediately.rdquo;

You can do renovations over time

There may be a few things you canrsquo;t live with in a fixer-upper, like the grungy carpet and cruddy plumbing fixtures, but no one other than design shows says your place has to be perfect the day you move in. Taking your time to make updates as yoursquo;re able gives you the opportunity to save money and recover from all the expenses of buying the home and moving in.

It allows you to put your stamp on it

When you buy a home that was lived in and fixed up by someone else, it reflects their taste and >

ldquo;One of the primary reasons people buy fixer-upper properties is for the opportunity to make the space their own,rdquo; said Green Residential. ldquo;Instead of purchasing a home in which someone else designed the layout, chose the materials, and dictated where different elements were placed, you can buy a basic structure and then take charge. Itrsquo;s like building your own home without having to go through the lengthy process of drawing plans and constructing it from the ground up.rdquo;


> Full Story

Whats the Real Impact of the Government Shutdown on Real Estate?

ldquo;An NAR survey of 2,211 members found 75 percent had no impact to their contract signings or closings. However, 11 percent did report an impact on current clients and 11 percent on potential clients,rdquo; said the National Association of Realtors. Among those impacted by the shutdown, 17 percent had a closing delay because of a USDA loan.rdquo;

The most impacted areas of the market surround:

Buyer uncertainty

Consumer confidence is always a topic of conversation when it comes to real estate, and with rising interest rates and a roller coaster stock market, a government shutdown only makes the issues that much stickier. According to the NAR study, ldquo;The most common impact, at 25 percent, was the buyer decided not to buy due to general economic uncertainty, though they were not a federal government employee.rdquo;

Loan approvals/Closing delays

Whether or not your loan and/or closing is impacted by the government shutdown largely depends on the type of loan you are getting. ldquo;If youre getting a Federal Housing Administration or Department of Veterans Affairs loan, its likely you can expect delays in the underwriting process, and its possible your closing date will be pushed back as well,rdquo; said the Dallas Morning News.

HUD has said that while new FHA loans will be endorsed during the shutdown, ldquo;Some delays with FHA processing may occur due to short staffing.rdquo; In addition, new Home Equity Conversion Mortgages HECM, more commonly referred to as reverse mortgages, are on hold for now.

While the White House has insisted that the Internal Revenue Service IRS process tax refunds during the shutdown, itrsquo;s made no such mandate in regards to helping consumers who need info because theyrsquo;re buying a home. That means that buyers wonrsquo;t be able to requests tax return transcripts, which may be required by lenders, thereby delaying the purchasing process.


> Full Story



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