Miami Real Estate

I wish Realtors would take their sellers to see competing listings!   

If you’re selling your house, have your Realtor show you the top listings competing with your house for buyers.  We’ve been analyzing the closed sales, the sales prices, pricing per square foot … If there are  40 homes  listed for sale in Pinecrest (in the $800,000 - $900,000 price range)  maybe  2-3  will sell in a given month.   The 2-3 homes that offer the most value are most likely the homes that will sell.  The rest will langour.  (And those other sellers will ride the market down, until  price of the property and perceived value mesh.)

If  you are buying a house, and your Realtor is willing to preview and narrow property listings down for you , you can save a whole lot of time and energy.  Yes it helps if you can see what’s out there, but you really don’t need to see it all.   (You want your Realtor to narrow the search for you…  Any good agent will…  Your Realtor just needs to understand what you are looking for and be able to find it!) Read the rest of this entry »

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According to NAR, existing home sales were back on an upward track in November 2010, starting the growing trend again since bottoming in July. Home sales, which include townhomes, single-family, co-ops and condominuims, rose to 5.6% in November from 4.43 million in October.

It seems that buyers are respoding to good affordability conditions. Mortgage rates coupled with home prices and family income have been the best since 1970, according to Lawrence Yun, NAR chief economist. He also added that the market seems to be recovering and should continue up to a sustaibable level in 2011.

Read the rest of this entry »

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According to an article in the Jacksonville Daily Record, housing prices in Miami and Tampa hit their lowest levels since the downward trend in 2006, this October. Miami will likely see a continuing trend upward, likely because of competitive prices. These same prices have caused the sales of existing homes to be nearly 50% higher in November 2010 than the same time last year. Read the rest of this entry »

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Some home-buyers buy on impulse.  Others, analytical and hungry for information,  sift through every piece of available data before making an offer.   There are all kinds of buyers.  No two are the same. 

The Miami Herald interviewed us months ago.  They also interviewed buyers  we were working with. Those particular buyers caught the attention of the Miami Herald because of how they analyzed  and dissected their potential home purchase. 

The Restivo Team submitted nearly a dozen offers - on various properties …  Offering price was based  99% on STATISTICS, FACTS AND TRENDS, RECENT RELEVANT SALES, PRICE PER SQUARE FOOT, and ACCURATE MEASUREMENTS …   

Ana Maria Lima reported in her  Miami Herald article on the challenges homebuyers  (and home sellers) have determining value and pricing.  She interviewed Ron Shuffield, Alexandra and Vicki Restivo and the Restivo’s buyers (who analyzed statistics and interesting tidbits of information so they could determine ”VALUE”).

“Arriving at VALUE” can be rather tricky ground.  And it’s one of the toughest questions that buyers, sellers and Realtors grapple with. Read the rest of this entry »

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The best referrals are the kind that come via word of mouth…  ( the tried-and-true variety).    If you’re looking for service provider, a good place to start is by asking someone in the throws of having work done in their own home.  

We received two letters over the past couple of weeks  (from homeowners who recently bought property through us, and  have been doing major  home remodeling projects for  several months now) … I’m going to go ahead and share their recommendation with you : 

“We have used your list of contractors, that you referred, for several items around the house.  There is one person that is responsible for the kitchen:  Dan Piel from Trimline is beyond belief - much more than “just a cabinet” guy.  He is creative, pays attention to your suggestions, and oversees the entire project from start to finish. He is more than capable, demands perfection from his contractors, and gives unequaled service.  You need to add his name to your list of referrals.  Maybe even mention him to the other agents at EWM.”   Jim – Pinecrest

Contact information: Dan Piel Trimline Kitchen Design - in Miami, Florida -  10001 S. Dixie Hwy  (305) 666-7609

Thanks, Jim!   We like to update and revise our list of  Recommended Service Providers (The Restivo’s Little Black Book) … and appreciate your input and feedback… pro and con.  

In Miami, pretty much any top realtor will provide you with recommendations of workers and reputable service providers.  And Alexandra and I certainly look forward to working with you whenever you are ready to buy (or sell)  real estate in Florida  (or need relocation advice - moving elsewhere)..  Please don’t hesitate to contact us anytime -  Vicki Restivo (305) 793-1365  -  Alexandra Restivo (305) 632-0164.    

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Once your offer has been accepted, it’s time for a home inspection. As the buyer, you have the right (and The Restivo Team always recommends) to hire a professional inspector to evaluate the condition of the home. There is an inspection clause included in the written contract. The goal with a home inspection is to give you an objective and comprehensive analysis of the physical condition of the property, as well as to check for any safety issues that might not be visible to you.

The inspector will check on the construction, structure and mechanical systemts of the house. This includes things like electrical systems, plumbing and waste, dipsosal, water heater, insulation, ventilation, water source and quality as well as waste disposal, pests and the foundation. Other things include doors, windows, ceilings, walls, floors, the roof, radon gas, asbestos and lead based paint.

The inspector will provide us with a written copy of the report along with an estimate of the cost of the repairs needed. As the buyer, you may choose to be present for the inspection. If you are, you may ask the inspector about specific features of the home and get their opinion on the maintenance for the different areas. Read the rest of this entry »

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You have an executed contract on the home of your dreams. You’ve determined that there are no defects on title and you have done inspections amd resolved anything that came out of that process. Now it’s time to order an appraisal.

The appraisal is an estimate of the value of the property, made by a qualified professional. The appraisal of your new home is important because it serves as a determining factor for the amount of your loan. The main goal of the appraisal is to justify the lender’s investement but it also serves as a mean of protecting you from overpaying for the property. Your lender usually hires the appraiser and will charge you as the buyer a fee. Read the rest of this entry »

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When you buy a home, you are actually buying the seller’s title to the house. A deed is the written legal evidence that the seller has conveyed their ownership rights over to you. Title simply means you have complete ownership of the property and can make decisions applicable to the property.

The actual transfer of ownership doesn’t occur until closing and an attorney will usually run a title examination before that. The reason for a title examination is to see if there are any problems that might inhibit getting clear title to the home. Most title issues can be cleared before closing. There is sometimes a severe title problem which can delay closing.

Let the Restivo Team help you with the buying process, from start to finish. We would love to help. Contact us today.

Some “clouds on title” can be fixed easily while other may be harder to remove. Insist that you are kept informed during the whole process because if title problems are discovered, you want to know what’s going on and the best way to handle it.

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There’s a new program for First Time Home Buyers in Dade County-the Metro Miami Action Plan, Homeownership Assistance Program (MMAP HAP). It’s designed to provide first time home buyers with up to $7,500 in closing costs and downpayment assistance in the form of a forgivable 0% interest, non amortized payment mortgage.

The maximum amount permitted is 4% of the purchase price or $7,500…whichever is less. The purchase price of the home cannot exceed thecurrent FHA loan limit.

There are a nuber of requirements in order to be eligible, but the main ones are: You must reside in Miami Dade County; You must be a first time home buyer, not having owned anything in the past 3 years; Your household income may not exceed 140% of the county median income; You must contribute at least 1% of the sales price from your own funds.

Contact the Restivo Team today to see if you are eligible. We would love to help you find what you’re looking for.

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Once you’re under contract and have applied for a loan, your lender will require that you get a property survey before they issue the mortgage so that they may get a clear lender’s title insurance policy.

A surveyor will determine if the house is within property borders, if there are any encroachments on the property by neighbors and the extent to which any easment might affect legal title. A survey will also provide the new own with a report that will tell you where the property lines are and will also tell you if there are any building restrictions that may prevent you from adding things to your new home, such as a new fence.

The Restivo Team will provide you with a number of inspection companies when purchasing a new home. Contact us today to get started…it’s a fabulous time to buy!

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