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Miami-Dade Approves “Another Sexy Highway” to Extend the Dolphin Expressway

Miami-Dade Approves “Another Sexy Highway” to Extend the Dolphin Expressway

After obtaining preliminary approvals in June, a controversial plan to extend the Dolphin Expressway, AKA “Another Sexy Highway,” to West Kendall through the Everglades was approved by Miami-Dade commissioners by 9- 4 votes on Thursday.

According to critics, the 13-mile project challenges sound urban planning practices and threatens the natural environment. Earlier this year in a sarcastic marketing campaign launched by the Transit Alliance Miami, the so-called Kendall Parkway Plan earned the nickname “another sexy highway.”

While the final route of the six- lane extension is still being completed, the new tariff will push beyond the county’s own urban development boundary— a line that separates protected natural lands such as the Bird Drive Basin from developments such as subdivisions and malls.

In addition to worsening traffic congestion, encouraging suburban spread and threatening the Everglades, opponents argue that the $ 1 billion plan could be at the expense of the type of mass transit improvements that the county actually needs.

Despite winning over most of the commissioners and appearing to be a fore sure conclusion, the project still needs to secure state, federal, and Department of Environmental Resources Management permits.  Meanwhile, the new “sexy highway” in Miami-Dade county could potentially face some unsexy lawsuits.

Kendall Parkway

 

Read the Original Article Here: Miami-Dade OKs Dolphin Expressway extension through the Everglades

The New Hot Home Color in 2019 is…

The New Hot Home Color in 2019 is…

Behr, the paint company, has announced a rich, bluish hue for it’s Color of the Year in 2019.  The new hot home color in 2019, Blueprint, is a mid-tone blue that is defined as warmer and softer compared to denim and navy.

Adopting a full range of blue, teal, and gray will be a new hot trend in home design for 2019 is what Behr foresees.  “Layer light and dark blues on walls, cabinets, furniture, and decor for impactful results,” Behr says.

blue tone bathroom

The color pairs well with the trending tone that has been influencing home design in 2018, which has also been combined with the rise in demand of dark greens and purples in interior design.

The company states that Blueprint is a dark color but at the same time be a classic that can be combined with a variety of color combinations and in a wide range of home styles also.  This color can be used for an accent wall, on kitchen cabinets, in home decorations, bed coverings or comforters, or furniture accessories.

blue dining

Gray will stay a popular neutral in 2019, but color predictors think that as warmer tones in taupe and terra-cotta increase in demand, earthy blues and combinations in brown will also grow.

Behr also anticipates that powder blue, blush peach, and tinted lilac will emerge as the latest neutrals in 2019 along with gray.  These hues produce “relaxed and expansive spaces,” the paint company says.  “Matte finishes emphasize softness, while metal accents add glamour.”

blue kitchen

So let’s see if the new hot home color in 2019, Blueprint, along with the blue, teal and gray color tones will be popular hues that will trend in home interior design.  Will the dark tone be embraced by homeowners?  Also, which part of the country will adopt the new blues into their home for 2019?  Colors are always an effective and inexpensive way to give your home a new a refreshing look.  I guess we’ll wait to see what kind of a splash the new hot home color in 2019 will make.

 

Read the Original Article Here: Find Out the New, Hot Home Color for 2019

Understanding The Real Estate Cycle To Profit On A Deal In Any Market

Understanding The Real Estate Cycle To Profit On A Deal In Any Market

Most of the time in life, it is best to take a step back and look at the bigger picture to put things in perspective and make a smart decision.  But, I have noticed that when it comes to real estate investing, it is wiser to dive in and analyze the specifics of the market to make a solid business decision.  In order to profit on a deal in any market you need to understand the real estate cycle.

If you gather information from one real estate market and apply it to another you are at risk of missing out on deals that can generate a good amount of cash flow or long-term appreciation, because markets differ from location to location.  Different real estate markets can be in different parts of the real estate cycle simultaneously.  It can be sunny in Miami while snowing in New York at the same time.  And to get more specific there can be a market within a market that is responding differently.  For example, it can be sunny in Coral Gables, FL and raining in South Miami, FL.

Closely following your real estate market, and being able to identify the phase it is currently in, is crucial in making a sound investment versus deciding what deals to pass on.

Real Estate Cycle

The Basics

The real estate cycle consists of four phases, and they look like this:

Phase 1 | Recovery

Recovery is, most of the time, the hardest phase to signal out.  Demand can still be slow when the market is recovering from a recession.  Rental activity can be flat and not many developers are building as often, so the market can still seem sluggish.  Although, to the trained eye (those paying attention to the details in the data), increase in property showings, a slower pace of past decline, or an interruption in the downward trend are all signals that the real estate market is heading upward in the growth direction.

During this recovery period, properties that need renovation and repairing can be a great opportunity to purchase, repair and renovate, then sell it for a strong return in the upcoming expansion phase.  This is a great moment to acquire solid assets and hold them until the expansion.

Phase 2 | Expansion

Markets in expansion are heading upward and are facing a growing demand.  The economy outlook is strong and jobs are plentiful.  Rents are rising and vacancy is low.  Developers are building more and at the peak of the expansion phase, supply and demand are in harmony.  During this stage, builders and investors can profit from a higher demand knowing that turnover has reduced and rents are rising.

This is also a great time to execute the strategy of purchasing neglected properties at discounted prices and improving them to make a considerable profit during the expansion phase.

Phase 3 | Hyper Supply

Hyper supply happens when the economy begins to slow down or developments continue while demand slows down.  Both of these are causes for occupancy rates to decrease and rents to decline.  During this phase, wise investors look for good properties with steady tenants and long-term lease agreements already secured.  Although, nobody can say when the next expansion phase will take place, these fixed-income investments provide a high level of performance until the next lease assuring stable times when the recession hits.  At the same time, investors who can maintain their patience can reap the rewards of the opportunities presented by desperate sellers.

Phase 4 | Recession

When the players in a market can’t distinguish the downturn or choose not to acknowledge the warning signs of slowing demand, the hyper supply phase transitions into the recession phase.  You can spot a recession by its oversupply, high vacancy rates and falling rents.  In this very saturated market, investors willing to take a higher risk can purchase foreclosure properties, vacant land and fixer-uppers and developments at discounted prices compared to replacement cost.  This is a long-term strategy for the investor who is patient enough and willing to work to stabilize the asset and hold until the cycle moves back through the recovery phase.  Investors must choose wisely or risk getting burned by the fire.

In Conclusion

One of the most important factors to keep in mind is that different markets can be in different phases at the same time.  So a plan of attack that works in the hyper supply phase in Miami, FL may not be as effective in an expansion phase in Los Angeles, CA.

Also, nobody can predict how long each phase will go one for.  Even if we look into past data, we can’t expect the same highs and lows because the economy is always changing.  On top of that, since cycles can vary from location to location and property type, the key is to be sharp and on the look out while understanding the details of each market so you can wisely implement the best strategy in every different situation.  If you do, then you are bound to build a diversified real estate investment portfolio strong enough that has the ability to weather any storm.

 

Read the Original Article Here: Understanding The Real Estate Market To Score A Deal In Any Market

Focus on These Need to Know Questions After a Home Inspection

Focus on These Need to Know Questions After a Home Inspection

After a professional inspector has completed a home inspection report, purchasers may feel overpowered by any blemishes that may have been found. That is the reason it’s imperative they accept the open door to take in more with the goal that they can advance unhesitatingly in the exchange.

An ongoing article at realtor.com® suggests home purchasers ask their examiner elucidating questions as: “I don’t comprehend this; what does it mean?” or “Is this a major or minor issue?” and “Do I have to bring in another specialist for a development?”

Home Inspection

I don’t understand this, what does it mean?

To make sure you comprehend what’s in store, here’s the manner by which it will happen: A time or two after the home inspection, you ought to get the reviewer’s report. It will be a nitty gritty rundown of each defect in the house, regularly alongside photos of a portion of the issue zones and more elaboration.

Ideally you additionally went to the real examination and could make inquiries at that point; assuming this is the case, the report ought to contain no curve balls. It ought to contain what you discussed at the assessment, with pictures and maybe more fine grained detail. On the off chance that there’s anything significant you don’t recall from the examination in the report, don’t be hesitant to get some information about it.

Is this a major or a minor problem?

Home inspectors will undoubtedly reveal something in a home; no house is immaculate. Be that as it may, most of the issues they reveal will probably be minor. Have the home reviewer clear up which issues fall inside the “minor” or “significant” classifications.

Remember: “The inspector can’t let you know, ‘Ensure the seller pays for this,’ so make sure you comprehend what should be done,” Frank Lesh, official executive of the American Society of Home Inspectors, told realtor.com®.

Should I call in another expert for a follow-up inspection?

On the off chance that the inspector distinguishes a conceivably significant issue, shoppers will need to catch up whether they should call an extra specialist in to examine further. For instance, purchasers may need to get a circuit tester to investigate potential electrical issues that were hailed or a roofer if a material issue is suspected. Those masters would then be able to give a thought of the expense to settle it, which the land operator can take to the merchant to ask for a concession, if the dealer wouldn’t like to settle it preceding the deal.

Likewise, Lesh says that the rundown of things a home auditor distinguishes are issues the new purchaser may need to address when they move in. He says it resembles a “daily agenda” for those things that did not get repaired by the merchant before the deal.

Is there anything I’ll need to do once I move in?

Pause, you’re as yet not done! It’s anything but difficult to overlook the inspector’s report in the middle of closing and moving, however there are quite often proposals for things that need doing in the initial a few months of inhabitance.

All that you didn’t request that the dealer settle? That is your daily agenda. Isn’t owning a home fun?

Read the Original Article Here: What Buyers Should Ask After a Home Inspection

Home Prices Caused Rent to Skyrocket?

Home Prices Caused Rent to Skyrocket?

Home Prices Affecting the Rental Market in Miami, FL

 

 

Home prices in Miami-Dade keep rising, with no sign of leveling off. As indicated by the Miami Association of Realtors, the middle cost of single-family homes in Miami came to $360,000 in August — a 6.7 percent spike over a similar period a year ago and the 81st month of back to back development.

The shortage of homes in the $250,000-$350,000 price range, where most first-time home purchasers are looking, has turned into a blast for the rental market. In excess of 1.1 million individuals lease apartments in South Florida (counting Miami-Dade, Broward and Palm Beach), as indicated by the backing bunch National Multifamily Housing Council, and the aggregate number of rental family units in the zone is anticipated to swell to 700,000 constantly 2030.

Developers keep on building in the urban passage, from downtown to Wynwood to Edgewater, and the first in a rush of smaller scale units — small units pitched at twenty to thirty year olds — is expected for consummation in mid 2019.

Read the Original Article Here: What questions do you have about renting in South Florida?

Things You Shouldn’t Do When Buying a Home

Things You Shouldn’t Do When Buying a Home

The last thing in the world you would ever want is to spend a bunch of time searching for a home, finding that perfect place and then not being approved for your mortgage. There are also many common mistakes homebuyers make that could make the process much more painful than it has to be.

We’re writing this article because we know how stressful it can be to buy a house. In order to make your process easier, we are going to cover the 9 things you shouldn’t do when buying a home.

1) Don’t overestimate your budget.

budgetEver heard the expression “House poor“? Many homebuyers overestimate what they can actually afford and end up with very little wiggle room financially. Before jumping into buying, make sure you have a realistic idea of the yearly costs involved with owning a home.

Remember, there is your mortgage, property taxes, utilities, insurance and repairs. All of this before you even think about making upgrades. Factor in all the costs and leave yourself some room.

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2) Don’t let your emotions run wild.

decisionBuying a home is one of the biggest decisions of your life. It’s normal to be excited and fall in love with a home. However, try to keep a level head. Falling in love with a home can cloud your judgement or end in disappointment. This can happen if unforeseen issues are exposed in the inspection or if someone puts in an offer before you.

If you don’t find a home…  don’t get discouraged. Home searching can be a lengthy process. It will be worth it when you find the winner.

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3) Don’t talk to sellers about plans for the house.

buyingAs much as you are excited to get in and put your personal touch on the home, it’s best to keep this to yourself. Sometimes home buyers meet and get to know the home owners. This is fine, but remember that the current owner will have an emotional attachment to the property.

It’s best not to make them feel like you’re going to come in and completely change the place. If you make conversation with the owners, just keep the conversation light.

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4) Don’t make any large purchases.

mortageWhen applying for a mortgage, every financial transaction plays a part. It is recommended that you do not make any large purchases like furniture or a car prior to applying. This is because banks want to see that you have a smooth financial history.

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5) Don’t withdraw or deposit a lot of cash.

moneyGoing further with your financial history, cash withdraws and deposits also play a part in your mortgage approval rate. Large quantities of cash going in or out of your accounts signals a warning sign that you do not have stability. Avoid any sporadic withdraws or deposits of large sums of cash.

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6) Don’t apply for more credit.

creditcardThe amount you are approved for on your mortgage comes down to your capital. How much money do you have at your disposal? Applying for extra credit increases your debt. This extra debt decreases the amount you will be approved for on a mortgage.

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7) Don’t co-sign a loan.

loanWhile a loan may not technically be yours – it will still equally count towards your overall debt. Co-signing a loan can have an impact on not only the amount of your mortgage, but approval rate in general. Avoid co-signing any loans until you have purchased your home.

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8) Don’t finance a car or furniture.

carloanAs financing is again a loan, it is therefore debt. Stay away from financing a car or furniture for the above mortgage approval reasons.

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9) Don’t switch or leave your job.

jobFinancial stability is one of the most important factors considered when a bank is approving your mortgage. The key to financial stability is having a dependable income. If you switch or leave your job, often or before applying for a mortgage, this may signal red flags.

If you are thinking about a move, hang tight with your job until after your mortgage is approved.

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In Conclusion

There are many important things to consider when purchasing a home. It is one of the biggest decisions of your life.

In order to ensure that you get the house you want, when you want it, you need to understand and follow those above tips. Doing so will increase your chances of finding that perfect home and getting it. Remember that financials are very important when it comes time to apply for a mortgage. Make that your priority.

Also keep in mind the emotional aspects of purchasing a home and try to stay cool. It can be a draining process, but it will be worth it when you get the keys to the castle!

Are you looking for a home in the (INSERT COMMUNITY) area? Give me a call. I’d love to help you find a home (and make sure you make none of the above mistakes in the process!)