Sell your Miami Home Before Going into Foreclosure

The Miami Housing Market is a Seller’s Market: Sell your Miami Home Before Going into Foreclosure!

The pandemic has had quite an impact on our housing market. Miami, maybe more than other markets, is seeing an extremely high demand for homes and inventory is drying up quickly. But there is also the other side of the coin; some homeowners lost their job or their business and are now struggling to make their monthly payments. Under the Cares Act, home owners who could no longer keep up with their monthly mortgage payments got a 12 month suspension without penalty. These missed payments will need to be paid after this 12 months Forbearance period comes to an end. Currently, about 3.6 million Americans are in forbearance, according to the Mortgage Bankers Association and an increase of foreclosures in expected to happen in 2021.

Sell your Miami Home Before Going into Foreclosure

Is Short Sale Better Than Foreclosure For Homeowners?

In case you can no longer keep up with your monthly payments, it is best to sell now! The market is very hot right now and we have many buyers looking for homes. If you wait too long your property might go under foreclosure, which comes with a lot of negative impact. Foreclosures are lengthy legal proceedings for both the bank and homeowner, which can cost thousands of dollars over time. Foreclosures might also lead to severe effects on your savings and credit.

If you owe more than the home is worth it is best to choose for a short sale. A short sale enables you to sell the property in an effort to pay back the bank for the missed payments. You will still be in charge of the selling process and it prevents banks from repossessing the property, therefore benefiting both parties. There are a few types of short sales, depending on your mortgage, that can provide homeowners with more control over the selling process. As a whole, short sales offer homeowners the chance to avoid the severe effects on their savings and credit that can happen as a result of a foreclosure.

The Miami Housing Market is Hot! It Has Never Been a Better Time to Sell!

The Miami Housing Market is Hot! In 2020 we have seen the amount of Miami relocations quadruple. The vast majority of these buyers are looking for good quality homes in the primary markets of Coconut Grove, Coral Gables, High Pines, Ponce Davis, Key Biscayne and Miami Beach.

As we have one of Miami’s heaviest trafficked websites (25K visitors per month) we receive daily registrations of families looking to relocate to Miami. The demand for well-finished homes in Miami’s most desired neighborhoods has never been higher. The inventory of good quality homes is drying up quickly and in today’s market we simply don’t have enough supply to satisfy the outrageous demand for homes. The markets with highest demand are those for the $1M-$3M homes, the ultra luxury waterfront market and the brand new construction homes. I am currently reaching out to owners of off-market properties to see if they are willing to sell in an attempt to provide my buyers with a competitive advantage. Most people don’t know that about 30% of the deals happens off-market. Myself and other top Miami real estate agents speak to each other on a daily basis discussing new product coming up. Therefore many of my listings are sold before even hitting the market and my buyers often see properties that are off-market from other agents or from off-market sellers I have on my database.

Sell your Miami Home Before Going into Foreclosure!

If you own a home in any of the most desired neighborhoods (Coral Gables, Coconut Grove, Pinecrest, Ponce Davis, High Pines, Key Biscayne or Miami Beach) please give me a call today. If your home is newer, waterfront or well-maintained we will have buyers for it! You will not even have to list it for sale to get it sold! Today’s market is ideal for sellers; the disparity between demand and supply puts you in the position where you can get the highest possible price ever.

If you would be open to entertain a conversation about selling at the very least, please give me a call. If you would be open to talk you can rest assured that if you are willing to sell, I will have buyers that I can bring directly. Given our large and ever expanding database, there is a high likelihood we already have a buyer for your property.

David Siddons | 305.508.0899 | David@siddonsgroup.com

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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