Miami Real Estate Learning Center

11 THINGS TO AVOID IF YOU WANT TO SELL YOUR HOUSE

1. Stick to neutral designs: Buyers prefer neutral tones and open spaces that allow them to envision their own style.

2. Check neighborhood trends: Look at recently sold homes.

3. Avoid colorful kitchens: Bright colors like yellow can alienate buyers. Stick to traditional neutrals for a wider appeal.

4. Privacy is key: Large, open floor-to-ceiling windows without privacy features like blinds or curtains can be a turnoff.

5. Opt for classic kitchen cabinets: Dark cabinets in colors like black or green can be polarizing. Anyways how much time do you spend in your kitchen? So go with the flow.

6. Skip bold appliances: My favorite-colored appliances are trendy, but not everyone is trendy....

7. Avoid glass door refrigerators: Anyways it's too much work to keep them tidy.

8. Minimalize wallpaper and custom murals: Bold wallpaper or personalized murals may be overwhelming for buyers, who prefer neutral paint for a clean slate.

9. Use minimalist lighting: LED chandeliers can appear cold in certain spaces. Reserve statement lighting for entryways or hallways.

10. Limit pink accents: Bright pinks are unappealing to most buyers.

11. Declutter and use minimalist furniture: Your house has to look like a showroom (especially in Miami)



MORTGAGE RATES ARE FALLING, IS IT TIME TO BUY?

Anyone looking to buy a home today faces reduced purchasing power due to rising home prices and higher interest rates. However, with mortgage rates beginning to decline and the possibility of further drops as the Federal Reserve lowers its benchmark rate, buyers may soon find some financial relief.

Despite homeownership being a key part of the American Dream, the current market remains tough for many. High mortgage rates and limited housing supply have driven up prices, with the median home price rising 4.2% year-over-year to $422,600 in July, according to the National Association of Realtors.

Mortgage rates are starting to decrease, with the average rate for a 30-year fixed mortgage dropping to 6.35%, the lowest in 15 months. This offers some hope to buyers, but many still compare today’s rates to the record-low rates during the pandemic, making current rates seem less attractive. I've heard rates could drop till the mid 5% by the end of the year. So, should you wait for another little drop?

I would advise you that if you can afford a home now, it may be better to buy rather than wait for lower rates, as increased demand could push prices higher. Timing the market is unpredictable, and holding out for a better deal may result in higher purchase prices. Ultimately, if you find a home you love just buy it now.



6 THINGS NO ONE TELLS YOU WHEN BUYING A HOME

Buying a house might seem simple: browse listings, tour homes, get a mortgage, and sign the papers. But here's what to watch out for.

1. Online Mortgage Estimates Can Be Misleading - Don’t trust mortgage calculators blindly. They often assume a 20% down payment and don’t always account for taxes or insurance. Your real monthly payment could be higher based on your credit and loan terms. Just call a mortgage broker.

2. You’ll Need More Than a Down Payment - You’ll need money for inspections, closing costs, legal fees and more. Prepare for additional expenses beyond the down payment.

3. Monthly Payments Cover More Than Just the Loan - Your mortgage payment includes property taxes and possibly private mortgage insurance (PMI) if your down payment is below 20%.

4. The Inspection Will Reveal Plenty Flaws - Be worried if it doesn't scare you off. Expect a long list of issues after the inspection. This is normal and can help negotiate repairs or price reductions.

5. You Can Negotiate for More Than the House - Love the seller's appliances or furniture? You can negotiate for those too. Art pieces as well. My sellers are very often happy to include the furniture so they don't have to move it somewhere totally useless.

6. Closing are often delayed - Usually the banks wake up two weeks before the closing date. Expect the closing process to last up to 45 days, with some negotiations along the way. The agent from your bank will tell you they are ready but they are not till the underwriter says so. At the last minute they will ask something from the condo association or from your insurance