Your Equity Could Make a Move Possible

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat. But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity. “. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.” Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize. The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below): That means the majority of homeowners have a game-changing amount of equity right now. How Your Equity Can Help Fuel Your Move After you sell your house, that equity can help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist for Realtor.com says: “A consideration today’s homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.” To give you some examples, here are a few ways you can use equity to buy your next home: Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates.  Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much at today’s rates.  The First Step: Determine How Much Equity You Have in Your Home Want to find out how much equity you have? To do that, you’ll need two things: The current mortgage balance on your home The current value of your home You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR). Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic – all thanks to your equity. Bottom Line If you want to find out how much equity you have and talk more about how it can make your next move possible, connect with a local real estate professional.    

Can a Foreigner Buy a House or Property in Miami?

For decades, Miami has long been a magnet for the international real estate market, drawing savvy investors and affluent individuals worldwide. Its beautiful beaches, fantastic weather, favorable business climate, and rich cultural diversity make Miami a prime destination for foreign buyers looking to purchase property in the United States. Recent statistics underscore Miami’s appeal. The city topped The Economist's recent ranking of the world's ten most thriving cities with shifting global power, with Miami's real GDP reportedly increasing by 10.6% since 2019 and housing prices rising by 39.5% during the same period. As Miami rapidly cements its status as a global city and financial hub, it has become the top choice for companies relocating from Los Angeles and New York City, managing an impressive $1 trillion in assets. Therefore, if you’re considering buying property as an investment, a second or vacation home, or relocating as an expat, many foreign nationals share your curiosity about purchasing a home in Miami. This interest is particularly relevant given the new Florida real estate law for foreign buyers introduced in July 2023, which imposes certain restrictions on specific nationalities. In this blog, we’ll explore the details of this law and identify who it affects when buying property in Miami as a foreigner. — Can a Foreigner Buy a House in Miami?   The short answer is yes. Like anywhere else in the country, the purchase and sale of property for non-US citizens is generally allowed, and Miami is one of the most popular places for foreigners. In 2023, international investors and buyers from 52 countries participated in Miami real estate transactions totaling $5.1 billion. Additionally, the tri-county South Florida area covering Miami-Fort Lauderdale-West Palm Beach accounts for almost half (47%) of all international home sales in Florida, while the State represents a fifth of all U.S. international property purchases. Broadly speaking, if you are a foreign national, you have the same buying power as domestic buyers. No special visa is required to make the purchase (although you may need a visa to visit the U.S. to see properties), you can invest in any type of property (commercial or residential), and oftentimes, you can even apply for financing within the United States. One thing to note is that you’ll be subject to taxes—as any U.S. national or citizen would—if you lease, rent, or sell your property. Check with a qualified tax specialist for more details on this, or call us and we can refer you to an international tax expert.  Nonetheless, Florida’s status as one of the most sought-after real estate markets has seen a new state law limiting some foreign buyers—first introduced in Senate Bill 264 and signed into effect by Governor Ron DeSantis in July of 2023. Florida Statute 692.201 sets new rules for foreigners buying property in Florida because it restricts some individuals and companies associated with China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria from owning property in Florida. — Understanding the New Foreign Buyer Law in Florida   SB 264 and its related statutes 692.201 - 692.205 mark a clear departure from previous real estate regulations in Florida. It bans “foreign principals” of the countries mentioned above from purchasing agricultural land, or any property within 10 miles of military compounds or critical infrastructure, including airports, ports, and power plants.  In theory, the law is supposed to safeguard national security interests while addressing concerns about foreign influence in potentially sensitive areas. Foreign buyers from the listed countries can only buy property beyond a certain radius from these critical sites. However, in practice, several attorneys have pointed out that this law needs revision, given how much of the Florida area is covered by the listed criteria.  The law also mandates that existing owners of properties that fall under the ruling must register with state authorities. For example, foreign principals may continue to own agricultural land if owned before July 1, 2023, but must register with the Department of Agriculture and Consumer Services (DACS). Similarly, foreign principals may continue to own real property within 10 miles of any military installation or critical infrastructure if owned before July 1, 2023, but must’ve registered with the Department of Economic Opportunity (DEO) by December 31, 2023. Florida Realtors Association has created a memorandum to better understand the law.  The move has been met with widespread criticism, and experts have pointed out that the law threatens to violate the Constitution and the Fair Housing Act, which was initially designed to protect homebuyers from discrimination based on race or ethnicity.We should say that the Florida ban on foreign home buyers is not a concrete and blanket one. Exceptions exist for individuals with non-tourist visas or those who have obtained asylum in Florida.  For other foreign nationals, those from Brazil, Colombia, Canada or Europe, Miami’s luxury real estate market is a great opportunity to safeguard investments in a stable market, as well as provide second home or investment opportunities, and the Miami real estate opportunities for foreign investors abound. — Best Miami Real Estate Projects for International Buyers   Here in Miami, there is a mountain of opportunities for international investors. Developers and real estate agents, including us, have long been catering to the interests of foreign buyers who want to call Miami home or invest in real estate here. It is part of why we have an international team of multilingual agents, so buying a property in Miami as a foreigner isn’t a challenging process. We’ll help you identify projects or properties that exactly meet your needs, no matter where you come from. For those seeking second/vacation homes in Miami, luxurious condominium developments along the coastline offer spectacular ocean views and resort-style amenities. Neighborhoods in Miami Beach, like South Beach, are famed for their pristine waters, exciting nightlife, and historic Art Deco architecture. Further north, Surfside or Sunny Isles Beach provide an escape from busy city life in more secluded and exclusive properties, like Surf House or St. Regis Residences Sunny Isles, with expansive ocean views, where your only job is to relax. If you’re interested in investing in Miami’s booming short-term rental market, Downtown Miami condos or Brickell buildings are your best bets. Some of the most unique and exciting projects under development include Mercedes-Benz Places, HUB Miami, and JEM Residences.  Finally, if you’re considering Miami as a primary residence, you can explore emerging amazing neighborhoods like Edgewater, which offers waterfront living in the most central location. Outstanding projects here include Aria Reserve, Villa Miami, and Edition Residences. And Brickell also is now the “Manhattan of the South,” with dozens of international banking institutions, making it the perfect home for expats who have recently relocated here or must travel here on a regular basis. Family favorite neighborhoods include Coconut Grove, Key Biscayne and Coral Gables.  Whichever route you want to go down as an international buyer, we have a host of team members ready to take your call and help you formulate a plan. Blackbook Properties will help you find your perfect home or investment property in Miami and its surrounding areas. That said, we always recommend that you discuss international purchases and legal issues with your Florida lawyer. We are not attorneys and this blog doesn’t constitute legal advice.                              

What To Expect if You Buy or Sell a Home This June

June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready. If You’re Buying This June A lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. Whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking right now – and that means you’ll want to be ready for a bit more competition. But there is a silver lining to a move this time of year. This is also when more sellers will list – so you should find you have more options. As an article from Bankrate says: “Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year . . . This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.” During this busy season, it’s extra important to work with a trusted real estate agent. Your agent will help you stay on top of the latest listings, share expertise on how to make a strong offer in a competitive market and give you insight into things like what the home is worth so you can make an informed decision when you buy. As Forbes says: “Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.” If You’re Selling This June Because there are more buyers this time of year, you’re in a great spot as a seller. Many of those buyers are highly motivated to make their move happen before the next school year kicks off – so they’ll likely put in strong offers to try to make that possible. That means, if your house shows well and is listed at market value, you could see your house sell faster or for a higher price. According to the National Association of Realtors (NAR): “Warmer weather and the end of the school year encourage more people to buy and sell, respectively. Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.” You want to be sure you’ve got a great agent on your side to help you with the contingencies on those offers and any negotiations that take place so you can pick the best offer. Make sure you go over closing dates with your agent. Buyers trying to time their move with the school year may need to delay a bit or move faster. This can depend on the school calendar where you live. As U.S. News Real Estate explains: “ . . if your house goes under contract in early summer, the buyer may ask for a delay in closing or move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month. Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.” Bottom Line If you’re looking to make a move this June, chat with a real estate agent so you know what to expect and how to plan for current market conditions.                

New Construction Miami Condos You Can Move Into in 2024

It’s no secret that we are in the middle of a major building boom and there are quite a few new developments in Miami opening in 2024 that you can move into. So, if you love being the first to turn the key on your crisp new luxury condo, keep reading. (Psst, we also have a bonus list of all the condos you can expect to move into in 2025 at the end!)  With about 100 new pre-construction condos (and counting) in the pipeline since 2021, Miami developers have been on the fast track to deliver on the growing demand for luxury condos in the Magic City, especially condos on the water or condo buildings with water views. Even as most of the global housing market showed signs of a slowdown these past few years, Miami’s luxury condo market has witnessed sustainable growth. Following the business migration trends around 2020, we’ve seen a continued influx of international wealth, families, C-suite executives, and other top earners and investors moving to our warmer, tax-friendly shores. What Do Buyers Want in a New Development in Miami in 2024? The number one trend we are seeing buyers looking for in new Miami condos is larger floor plans (think single-family home size) with, preferably, easy access to any kind of waterfront or nature.  Buyers today also want luxe living with world-class lifestyle amenities—meaning the ones you’d find at a five-star hotel. In this sense, Miami’s pre-construction developments are now offering buyers incredible perks, such as rooftop helipads, luxury brand affiliations, chef-powered restaurants, including resident-only restaurants and dining experiences, plus vibrant social spaces, sophisticated co-working hubs, and a whole gamut of wellness features. The third trend we are seeing is the continued interest in short-term rental properties which are very interesting for investors. They want flexible rental policies to make the most of their time and money when they’re away from home.  Conversely, there’s also the rising trend of highly exclusive properties where no short-term rentals are allowed at all.    New Construction Miami Condo Trends for 2024: Large floor plans (2,000 square feet and bigger) Premium locations that are either waterfront or very walkable Resort-like amenities & five-star services Wellness features & family focused Short-term rental options & management services Exclusive, residential-only properties with no short-term rental options. The good news is Miami’s new construction market has something for everyone, and foreign real estate investors are looking into the Magic City too. Though it will take a while to deliver most of the condos announced over the past few years, if you’re looking to buy a brand-new luxury condo in Miami or Miami Beach, here are the best new ready-to-move-in condos in Miami for 2024 that you can choose from. New Construction Miami Condos to Be Finished in 2024*: Aston Martin Residences, Downtown Miami Natiivo Miami, Downtown Miami Legacy Hotel & Residences, Downtown Miami District 225, Downtown Miami Una Residences, Brickell Mr. C Residences – Tigertail & Bayshore Towers, Coconut Grove Arbor Residences, Coconut Grove  Standard Residences, Midtown Miami Five Park, South Beach 42 Pine, Mid Beach  72 Park, North Beach La Baia Residences, Bay Harbor Islands Onda Residences, Bay Harbor Islands Alana Residences, Bay Harbor Islands Koya Bay, North Miami Beach *While we work very hard to bring the most complete, up-to-date, and vetted information, we are not the developers of these projects, nor are we affiliated in a way with the developers listed in this blog. We make no promises or guarantees that any of these Miami pre-construction properties will be completed in 2024 or 2025. Are you ready to step into fresh luxury? Do you love any of the listed new developments in Miami due for a 2024 opening? Call, chat, or email us to have a local real estate expert guide you into a luxury condo that feels custom-made for you.