While Miami had experienced something of a boom in its real estate market, the 2008 crash put a major dent in this industry. With over 100,000 foreclosures since 2008, more than 40% of Miami residents now rent. In 2011, Forbes magazine rated it one of the most miserable cities in the US as prices have been down 50% over the previous three years. If you're looking for a home to buy in Miami, prices are extremely low, so the benefit is that you'll be operating in a buyer's market. Nevertheless, it's always a good idea to determine what you can afford. Once determined, getting a pre-approved loan is essential if you're not buying with cash. Nevertheless, Miami is a great place for first time homebuyers since prices are still at all-time lows. The city continues to be another looked on by retirees who generally have the savings to buy a foreclosed or reduced price home somewhere in Miami. Indeed, Florida remains one of the top states to move to for retired Americans. New properties are constantly being looked upon by local and regional home builders as well. Working with a real estate agent may be one way to go, and finding these in Miami is not difficult. You can always go with a nationwide service, which can help you find finished establishments by home builders in the metropolitan area. However, a local service that can be found by doing a search on Miami's Better Business Bureau or Chamber of Commerce can help you find real estate in the suburbs or on the outskirts of Miami. Miami has an extensive public transportation system, so unlike having to take this into consideration when moving to places like Los Angeles or Atlanta, Miami's system is sure to get you where you need to go if you don't own a car or plan on commuting in, out and throughout the city. Nevertheless, the location of a new piece of real estate relative to public transportation access may be a concern and one that should be kept in mind when shopping around Miami. Other important aspects to keep in mind when shopping around for real estate in Miami is the locations of schools and other facilities that may be important to you upon moving to The Magic City. Various types of schoolspublic and private alikeare scattered around Miami. The city has over 10 locations for high education and a multitude of primary and secondary school from which to choose. With this information you can bet that you'll be ahead of the game when shopping around for a home in Miami. While the real estate bubble remains popped in the city, prices are sure to rise again. Thus, if you are a home buyers or home builders looking toward Miami, buy low and enjoy the climate, the beaches, nightlife and everything else The Magic City has to offer.
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