Miami houses for sale information.

What is your reason for selling your house ?
Recent marriage or divorce, recent death of spouse, house defects, unfriendly neighbors, better job opportunities somewhere else, looking for a school district, expanding your family or you've got yourself into debt.

Whatever your reason is we are going to help you to take the best decision.

If the state of your local housing market is strong (rising or elevated home prices ) this could be the best time for sales.
Time the sale of your current house and the purchase of your next one, because you do not want to spend months bidding on other houses and end up paying rent for a while, that could eat up part of the cash from your recent sale.

Real estate markets go through up and down cycles.
Housing prices tend to increase, on the long run.
If you need to sell your house in a depressed market (declined real estate market) , you could end up finding out that your house is worth less than the amount you paid for.
You should only sell if you can make enough money to buy another home otherwise you could sell low and later be forced to buy high or worse you may have to become a renter.
Of course there are methods for buying a home with a small down payment (low-down-payment loans that some mortgage lenders offer).

If you have to relocate and don't want to sell in a declined market, you can rent out your home until the market gets better.
When you convert your home into a rental, your taxes also change.
Be aware that becoming a landlord, could bring you some tenants problems.Learn more about rent-control ordinances in your area.
The rent that you are going to charge should be enough to pay your property's monthly expenses at least.


It is a plan that spreads out the house payments over the years.
An installment sale can lower your income taxes (consult your tax adviser), but it is also risky.
Because you are delaying receiving a part of the sales payment, the buyer may not pay everything he owns you.


Are you thinkink about trading your house for bigger or smaller one ?

* Your monthly mortgage payment will probably increase if you trade up for a bigger house.
* The annual property taxes you pay on your new home are according to the property value,the bigger the more expensive.
When you trade up, the taxes on the home you buy are usually higher.
To find out the property tax rate in Miami call the tax collector office 305-375-3787 .
* If you are trading up for a bigger house, some of your utility bills could increase.
* If you buy a larger home you are probably going to spend more money on furniture.
* If you're buying a more expensive home, you're probably also going to spend more on maintenance.
* If you buy a more expensive home and have larger mortgage payments and property taxes, your income tax bill will probably go down.

Mortgage interest and property taxes are deductible expenses on your federal income tax.

* Your homeowners insurance costs will increase in proportion to the square footage of your new bigger home.

Maybe you want to trade down, sell your current house and either buy a smaller one or become a renter.

Tax exclusion is available (Single taxpayers up to $250,000 and couples filing jointly up to $500,000 of profit ) if you lived in the house as your primary residence for at least two of the past five years ,according to the new house sales tax law you can convert your home equity directly into liquid investments.

Which one is the best ?

Usually, trading down is better than becoming a renter.
Specially if you can pay for your new home in cash.
Some people sell their houses and simply rent.
By selling, you free up all the money invested in your house to do whatever you want with it.
When you rent, you have more flexibility to move in the future.
However adjusting to a tenant life could be difficult.
As a renter, you have to obey your landlord and you could be forced out of the property if the landlord decides to sell it and also as a renter, your rent is exposed to inflation.
Think about it before you decide which one is the best option for you.


What is a reverse mortgage ?

Remember when you bought your home a long time ago, you had to give a down payment and closing costs.
Every month, thereafter, you had to pay your mortgage.
A small portion of each of those payments went toward the principal reducing the loan balance.

As the name suggests, a reverse mortgage reverses the traditional mortgage process.
When you take out a reverse mortgage, the mortgage lender sends you a monthly check (Not taxable).
As time goes by you accumulate an outstanding loan balance.
But you don't have to pay anything back on your reverse mortgage loan until the property is sold and then the loan and the interest are paid back from the sale proceeds.
If you take a home equity loan you have to begin paying it back right after you take it out.
A reverse mortgage allows you to tap into the equity in your home while you are still living in it.

The home's value is the only asset that can be tapped to pay the reverse mortgage debt balance.
When a property value drops below the amount owed on the reverse mortgage, the lender must take the loss, according to federal law.

Be careful when choosing a reverse mortgage loan, some reverse mortgages are good and some are bad.

MIAMI HOUSES FOR SALE - Costs of a Reverse Mortgage

Here are the fees you often see on a reverse mortgage:
Up-front fees, interest, insurance costs and closing costs.

Up-front fees:
Most lenders charge you fees for processing your application.

The interest rate on a reverse mortgage can either be fixed or adjustable.
With fixed-rate loans you know up-front what your loan's interest rate will be,but, you end up paying more interest over the life of the loan.
With adjustable-rate, your loan's interest rate depends on the overall market interest rates.
If your rates increase, your outstanding loan balance increases also leaving less equity for your home.
Interest rates rarely skyrocket and an adjustable-rate loan should save you on interest costs over the long run.

Insurance costs:
lending is a risky business.
The lender can lose money if the amount of your loan balance exceeds the value of your home.
To reduce the risk, mortgage lenders buy insurance and you get to pay for it.

Closing costs:
Title insurance, local recording fees and appraisal (the lender will want to have your home appraised and inspected to determine its value and how much you can borrow).


How do you go compare one reverse mortgage program to another?
Reverse mortgage lenders are required to report the TALC (Total Annual Loan Cost).
TALC are calculations that allow you to compare among various reverse mortgage programs.
TALC totals all the costs of a reverse mortgage and then calculates how much, the reverse mortgage will cost you each year.
The TALC also depends on your home's future value.
The more the value of your home, the more the cost of your reverse mortgage.
The TALC allows you to judge which loans are more costly under different circumstances.


The date you put your house on the market for sale is important.
The real estate marketing calendar has cycles.
The year has two peak seasons:

The most active selling time for real estate is from February through May.
This is the best time to put your house on the market and make top-dollar sale.
More buyers are in the market now than at any other time of the year.
Sales slow down during June, July, and August because of summer vacations.
The second peak season is from September through November.
Buy low in mid-November and sell high after February.
December is the worst month of year to sell a house.


Get your house ready to put on the market.
Correct the showing flaws.
Make the right improvements.
Get a real estate agent's opinion about your house's strengths and weaknesses.
Agents can spot flaws you no longer notice and they know how to prepare your house for marketing.


The external look of your house is very important.
Give your house a well-maintained appearance.
Here are some ways to enhance your house's look before you put it on the market:

If necessary paint your house's exterior, use colors like White and light grays.
Touch up window frames, mailbox and doors.
Mow and trim your lawn.
Fertilize your grass to make it look extra green.
Remove dead trees.
Put more flowers in your house.
Clean your sidewalks daily.
Replace broken roof shingles and cracked windows.
Clear everything you do not need out of the garage.
Hire competent people to help you with these chores.


Appealing interiors make the sale.
Concentrate on cleaning, organizing and cosmetic improvements.
Clean your whole house specially kitchen and bathrooms.
Stove, refrigerator, microwave oven, walls, floors, bathtubs, showers and sinks must be spotlessly clean.
Use area rugs, table cloths, sofa cushions, window and shower curtains, bath and hand towels.
Use flower arrangements.
Vases of colorful, fresh flowers throughout the house make a good impression.
Unclog sinks and bathtubs.
Repair cracks in the floor.
Clean and organize closets, bookcases, and drawers.
Eliminate odors like smoke, mildew and pet odors.
Clean your carpet and ashtrays.
Use air fresheners.
Make sure that your house smells good.
Paint the interior of your house, use whites and neutral colors.


Buyers will have your property inspected before they buy it.
Inspectors will check your roof, gutters, plumbing, electrical wiring, cooling systems, smoke detectors, kitchen and bathrooms, foundation, environmental hazards, etc...
Have your property inspected.
Discover if there is something wrong with your house before putting it on the market.
The inspector will tell you everything there is wrong and will give you some advice.
Your negotiating position is much better if you know about problems in advance and the cost to correct them.
If your house needs repairs you will have to repair it yourself or reduce the price of your house.
Repairing the house yourself will give prospective buyers the impression your house is well maintained.


If you have enough money you can hire experts in property values, mortgages, tax and real estate law, title insurance, escrow and construction techniques.
Assemble a team that can give you solid advice so you can make good decisions.
Most people do not have enough money to hire all these types of experts, then you will need to decide which experts are more necessary for you.

You will probably need:
* A real estate agent with a good knowledge of property values and negotiation skills.
The real estate agent or the listing agent knows how much your house is worth.
He guides you through the selling process and explains to you each step of the way giving you different options.
* A broker, the agent must be supervised by a broker.
* A Property inspector, inspect your house before putting it on the market.
* A financial and tax advisors.
These experts will guide you through the process.


More information about MIAMI HOUSES FOR SALE coming up.
Come back soon


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