Rental

Renter's Guide to Leasing in Miami

In the case that you are thinking about leaving your parents’ home and setting out on a new adventure called living on your own, or with roommates, you need to prepare for the life of a renter. In order to help you prepare in the best way possible, here we are providing you with a basic renter's guide. It is our hope that, having read this article, you will be ready to start looking for an apartment to live in. There are many different aspects of renting that you should look out for before renting a home. We are going to try and present you with as many of them as possible. Still, it is going to be necessary to gain some firsthand experience before you can call yourself a renting expert.  What you need to pay attention to when renting a home There are many people on this Earth that are renting their homes. There are also those who are not renters at the moment, but they are thinking about becoming one. So, what is the first thing that they should think about before starting to look for a place of their own? If you thought the location was the correct answer, this renter's guide is going to prove you wrong. Firstly, you need to determine your budget. Only after you have done that will you be able to move on to defining other aspects of your rental: The requirements for renting The type of home you are looking for Location The state of the house or the apartment The type of landlord is going to play an important role in choosing your new home Choosing whether you are going to require professional moving help from highly-rated moving companies like Orange Movers Miami is the last step in the process. Determining your budget First of all, you need to know how much money you are going to have on your disposal on a monthly basis. Out of your paycheck, you are going to have to pay for your rent, living expenses, and other daily needs. Therefore, be truthful to yourself when making your calculations. It is always better to rely on having less money and making sure that you can make it that way. In this renter's guide, we are going to advise you to regard everything else that you can spend on top of that as a bonus. Of course, do not spend it right away if you do not have to, but save as much as you can. In order to save when relocating, make sure to obtain free supplies for your move. It will leave you with more money to invest in your new living space. Renting requirements Before you set out to rent a place for yourself, you need to make sure that you meet the set requirements. These can differ among landlords. Some are not going to ask you for more than a couple of months of rent up front. Others may be slightly more administrative. Usually, you would have to have a credit score higher than 620 in order to rent an apartment. Your yearly income, according to the renter's guide, should be at least 40 times the price of your monthly rent. This, however, is one of the requirements that can be negotiated. This calculation is, still, one of the ways that landlords ensure that their tenants will not have issues with paying the due rent. Security deposit is something that is a standard. The minimum age for signing a lease is 18. If you are younger, you are going to need a co-signer such as a parent. The type of home that you are looking for When it comes to the type of home that you will be looking for, there are a few different characteristics that you are going to need to pay attention to. In the case that you are going to live by yourself, our renter's guide is going to suggest looking for an economical solution. The apartment should be large enough to feel comfortable, but not too large as to not be too expensive. If you are looking for a place to live in with a roommate or more of them, make sure that everyone has a room of their own. Privacy is underrated! Lastly, if you are looking for a single-family home in Miami, think about the needs of all of you who make up that family. If you can afford to rent a house, go ahead and do it. Location There are many people who move because of where they work or where they are going to school. Location is crucial when renting a home. Therefore, be open to yourself about your needs and look for the best location that you can afford. That's right, beach life can wait. The state of the house or apartment This is an important one. Making sure that the home that you are going to be renting is in a good state should be of your utmost interest. First of all, it is not healthy living in a place with mold, for example. Furthermore, make sure that the installations in that home, such as plumbing, are in working order. Check every detail possible in order to enjoy living there. You would not want to pay for something that you did not break. So, keep your eyes wide open. Write down anything that needs repairing. Lastly, do not move in until such things have been taken care of. Renter's guide: Choosing the landlord Finding a decent landlord can be very difficult. People are very protective of their properties, but, at the same time, can be unwilling to invest in them. Therefore, talk to your potential landlord and find out what he or she is like. After you have chosen the place, agree on house rules with the property owner. The last thing you want is having him/her over all the time. Once a month, when you are paying the rent, is more than enough. Conclusion Renting a house or an apartment is a big step in everyone's life. Although a difficult one, you can make it simple. Therefore, follow the pieces of advice given in this renter's guide and choose your new home wisely.

[Report] Broward Single-Family Home Median Prices Increase in December

Higher Interest Rates, Limited Supply Impact Rising Sales Broward County single-family home median sale prices rose 2.9 percent to $350,000 in December 2018 as Broward existing condos sold between $400K to $600 increased 4.3 percent year-over-year, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. Consistent with market performance throughout the U.S., higher interest rates resulted in fewer Broward home sales in in December. “After eight consecutive months of sale increases, Broward sales dropped in December mostly due to higher interest rates and limited supply,” said 2019 MIAMI Broward President Jonathan Keith. “But the Broward market still reflects strong demand, as sales in certain price points increased, total sales in 2018 are expected to exceed 2017 levels, and months supply of inventory remain low.” Here is the full report: Total Home Sales Decrease in December Total Broward County sales decreased 10.3 percent year-over-year in December 2018, from 2,629 to 2,357. The decrease is mostly due to higher interest rates and lack of inventory in lower price points. Since mortgage rates have dropped, sales are expected to increase in the coming months. Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.64 percent in December from 4.87 percent in November. The average commitment rate for all of 2017 was 3.99 percent. Broward single-family home sales decreased 11.2 percent, from 1,291 to 1,147. Condo sales decreased 9.6 percent, from 1,338 to 1,210. Condo sales had increased for eight consecutive months before December. Total sales volume decreased 11.3 percent to $762.7 million in December 2018. Single-family home dollar volume decreased 11.9 percent from $574 million to $505.9 million. Condo dollar volume decreased 10.2 percent from $286.1 million to $256.8 million. Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA. Broward Median Prices Rise for Single-Family Homes Broward County single-family home prices rose 2.9 percent year-over-year, from $340,000 to $350,000. Condo median sale prices decreased 3 percent from $165,000 to $160,000. Broward Distressed Sales Continue to Drop, Reflecting Healthy Market Only 4.7 percent of all closed residential sales in Broward were distressed in December 2018, including REO (bank-owned properties) and short sales, compared 5.5 percent in December 2017. Total Broward distressed sales decreased 23.9 percent year-over-year, from 146 to 111. Short sales and REOs accounted for 0.9 and 3.7 percent, respectively, of total Broward sales in December 2018. Short sale transactions decreased 39.5 percent year-over-year while REOs decreased 18.5 percent. Nationally, distressed sales accounted for 2 percent of sales, unchanged from 2 percent last month and down from 5 percent a year ago. Broward Real Estate Selling Close to List Price The median number of days between listing and contract dates for Broward single-family home sales was 47 days, a 9.3 percent increase from 43 days last year. The median number of days between the listing date and closing date for single-family homes was 85 days, a 4.9 percent increase from 81 days. The median time to contract for condos was 47 days, a 24.2 percent decrease from 62 days last year. The median number of days between the listing date and closing date for condos was 46 days, a 9.8 percent decrease from 51 days. The median percent of original list price received for single-family homes was 95.4 percent. The median percent of original list price received for existing condominiums was 94.5 percent. National and State Statistics Nationally, total existing-home sales decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017). Statewide closed sales of existing single-family homes totaled 20,633 last month, down 9.9 percent compared to December 2017, according to Florida Realtors. Statewide closed condo sales totaled 8,156, down 11.4 percent compared to a year ago. The national median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017 ($246,500). December’s price increase marks the 82nd straight month of year-over-year gains. December marked 84 consecutive months of year-over-year statewide median sale price increases for both single-family homes and condo-townhouse properties. The statewide median sales price for single-family existing homes was $255,000, up 4.2 percent from the previous year. Last month’s statewide median price for condo-townhouse units was $185,000, up 2.8 percent over the year-ago figure. Broward Cash Buyers Represent Almost Double the National Figure Broward cash transactions comprised 36.9 percent of December 2018 total closed sales, compared to 38.9 percent last year. Broward cash transactions are almost double the national figure (22 percent). Condominiums comprise a large portion of Broward’s cash purchases as 54.2 percent of condo closings were made in cash in December compared to 18.7percent of single-family home sales. Seller’s Market for Broward Real Estate Months supply of inventory for single-family homes increased 22.2 percent to 4.4 months, which indicates a seller’s market. Existing condominiums have a 5.7-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six and nine months of supply. Although still in a seller’s market, the increase is positive, as high demand and insufficient supply were resulting in a housing shortage and negatively impacting sales. Total active listings at the end of December increased 12.3 percent year-over-year, from 12,360 to 13,885. Inventory of single-family homes increased 21.5 percent in December from 4,740 active listings last year to 5,757 in December 2018. Condominium inventory increased 6.7 percent to 8,128 from 7,620 listings during the same period in 2017. New listings of Broward single-family homes decreased 1.1 percent to 1,223 from 1,236. New listings of condominiums decreased 4.8 percent, from 1,672 to 1,591. Nationally, total housing inventory at the end of December decreased to 1.55 million, down from 1.74 million existing homes available for sale in November. This represents an increase from 1.46 million a year ago, however. Unsold inventory is at a3.7-month supply at the current sales pace, down from 3.9 last month and up from 3.2 months a year ago. Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. Brought to you by

Veronica Cervera Speaks On Hurricane Irma Not Creating High Demand For Short-Term Rentals

The aftermath of Hurricane Irma and Hurricane Maria will likely lead to a slight increase in demand for short-term rentals by people from the Caribbean displaced from the monster storms, while the market for snowbirds will remain steady, according to industry experts. “The net difference is that yes, we will have more,” said Ron Shuffield, president and CEO of EWM Realty International. “But will it be a dramatic increase? Probably not.” Some homeowners and tenants whose residences were destroyed in places such as the Florida Keys, U.S. Virgin Islands and Puerto Rico will likely search for temporary housing in Miami-Dade, Broward and Palm Beach counties, Shuffield said. However, he expects many more will want to sign leases for one year or longer, if they don’t already have a permanent home in South Florida. “There could be some 13,000 students from Monroe County who are coming to public school in Miami-Dade,” he said. “For their families, they would need accommodations that are more than temporary.” Courtney Smitheman, a principal with Jupiter-based Crane Reed Properties, said she had a resident from the U.S. Virgin Islands inquiring about short-term rentals her company is handling. Her listings range from one-bedroom apartments starting at about $3,000 a month to estate homes that go for $10,000 to $15,000 a month. “I know several people who are coming back to the mainland because of the unsafe conditions and the lack of work in the U.S. Virgin Islands right now,” she said. “There is also a pretty good chance we will see more Puerto Ricans displaced by Hurricane Maria. They will be the next transition of people coming to the mainland.” Meanwhile, she hasn’t noticed a drop-off in seasonal rentals for the upcoming fall and winter months. “Those are mostly snowbirds from the Northeast,” Smitheman said. “They typically stay for three to six months. The only negative impact prior to the storm were requests for shorter terms, especially from Canada.” Veronica Cervera, CEO and principal of Cervera Real Estate, said she doesn’t expect to see “big activity” in the short-term rental market because the number of Miami-Dade residents who have been displaced because of Irma is relatively low. “There’s no pent-up demand for short-term rentals,” Cervera said. Her company currently lists short-term rentals from Hallandale Beach to the Brickell financial district. Tenants can sign month-to-month leases for condos starting at $3,800 and going as high as $8,500. She said Cervera’s short-term rental clientele includes condo buyers waiting for a new development to be completed, people who want to experience living in a condo before actually buying one, and tourists who don’t feel comfortable staying in hotels for extended periods of time. “We didn’t have any cancellations,” she said. “But we do expect a backlog of about two to three weeks.” Data on how Irma impacted daily and weekly rentals conducted through Airbnb is harder to come by. Benjamin Breit, a spokesman for the company, said he could not provide accurate information on the number of Airbnb bookings that were canceled in September due to Hurricane Irma or figures for canceled bookings through November 1, the day hurricane season ends. The company does offer a disaster response program in Florida in which Airbnb hosts can offer residences to displaced individuals at no charge. To date, more than 230 hosts have opted into the program to list their homes for free to those in need, Briet said. This article originally appeared in The Real Deal