With year-round sunshine and a vibrant lifestyle, Miami is one of the top destinations for homebuyers. As of June 2025, there are 4,447 homes on the market, and nearly 20% have seen price drops. So, buyers have more options and greater negotiating power.
With Houzeo, Miami’s best home buying website, managing your home search is simple. You can look through the latest listings in the Magic City, save your favorites, schedule showings, and submit offers, all at your fingertips.
👉 Download the Houzeo mobile app to simplify your Miami home search.
Key Takeaways:
- Before buying a house in Miami, set aside 30-45 days for a mortgage pre-approval.
- Maintain a credit score of at least 620 to make a competitive offer.
- Research evacuation routes in FEMA-designated flood and hurricane zones.
- Conduct a home inspection to identify termite damage, storm-related wear and structural issues.
- Account for HOA dues, hurricane insurance, closing costs, and property taxes.
7 Steps for Buying a Home in Miami🏖️
Buying a home in Miami, Florida, doesn’t have to be complicated. Whether you’re just starting your search or are already browsing homes for sale in Brickell or Kendall, these 7 simple steps will help you move forward with confidence:
Step 1: Decide Your Homebuying Purpose
Whether you’re looking for a getaway or seeking an investment, knowing why you’re buying real estate in Miami is essential. It sets your expectations and helps you make smarter choices. Here’s what you should keep in mind:
- Primary Residence vs. Investment: Choose places that fit your lifestyle, whether it’s the urban energy of Brickell or the laid-back charm of Coconut Grove. For investment properties, consider homes for sale in Little Havana, where tourism drives demand.
- Short-Term or Long-Term: If you plan to live in the home for just a few years, focus on neighborhoods with high resale potential and market growth. Homes in Wynwood and Doral are seeing ongoing development and value appreciation.
- Space Requirements: If you’re looking for larger lots or big backyards, consider neighborhoods like Palmetto Bay. But if you prefer something easier to manage, condos in places like North Beach can be a smart option. However, they often have smaller lots.
💲How much does it really cost to live in Miami?
Calculate the cost of living in Miami to get a detailed breakdown of expenses like housing, utilities, transportation, and more. 🏡
Step 2: Explore Financing Options
To buy a house in Miami, it’s important to understand the financing options available for you to make an informed decision. Here’s what you need to do:
1. Prepare Financially
- Check Your Credit Score: Lenders will check your credit score to determine if you’re eligible for a loan. Aim for a score of 500+ for an FHA loan and 620+ for a conventional loan.
- Calculate Your Debt-to-Income (DTI) Ratio: Lenders often use your DTI ratio to assess how much home you can afford. Keep your DTI below 36%, especially if you want a home in an expensive regions.
- Set Your Budget: Ensure your budget includes property taxes, homeowners’ insurance, and potential flood insurance, particularly in Miami‘s coastal areas.
👉 Use a Florida mortgage calculator to estimate how much property you can afford in the Sunshine State.
2. Explore Loans and Assistance Programs
Down payments in Miami usually range between 10% and 20%, but often vary based on the financing option you choose. You can also look for suitable Down Payment Assistance Programs (DPAs) to help you cover part or all of your down payment.
| Program | Description |
| FHA Loans | Require just 3.5% down and are ideal if you’re a first time home buyer in Miami. |
| VA & USDA Loans | Offer 0% down with lower interest rates. Perfect for veterans or those purchasing homes in rural areas. |
| Florida Assist Program | Provides up to $7,500 for down payments, with low-interest perks. |
| Miami-Dade Public Housing and Community Development (PHCD) Programs | Provides down payment assistance up to $35,000 for qualified low- and moderate-income homebuyers purchasing within Miami-Dade County. |
| Florida Hometown Heroes Housing Program | Down payment and closing cost assistance to first-time, qualified buyers to purchase a primary residence in the community where they work and serve. |
Step 3: Get Pre-Approved for a Mortgage
The Miami housing market is competitive, so get a mortgage pre-approval to show sellers you’re a serious buyer. In fact, 86% of sellers prefer buyers who are pre-approved. It also helps you negotiate better, and reduces delays in the transaction.
Shop around to find the best Miami mortgage lenders—compare their programs, rates and terms. Once you’ve narrowed down your options, get pre-approved by submitting documents like proof of income, credit history, bank statements, and your ID proof.
Step 4: Dive Into the Miami Market
Whether you’re looking at houses for sale in Coconut Grove or anywhere else in the Magic City, here’s how to buy smart:
- Online Listings: If you’re wondering how to buy a house, starting with online listings is a good first step. Use platforms like Houzeo to search homes for sale by price, zip code, and more. You can also filter for must-haves like a backyard, waterfront view, etc.
- FSBO (For Sale By Owner) Homes: Explore FSBO listings, as they often offer more flexibility in price negotiations. This is because sellers aren’t paying 5% to 6% in agent fees.
Kissimmee is the nicest and cheapest place to live in Florida. The number of homes for sale in Kissimmee is on the rise, thanks to its safe neighborhoods and diverse job opportunities.
Step 5: Make a Competitive Offer
In Miami’s competitive housing market, homes tend to sell fast. Make sure you focus on real estate comps for a more accurate picture. Here’s a checklist to help you craft a strong offer:
- Seller’s Name and Address: Don’t forget the basics—include the seller’s legal name and property address.
- Price and Terms: Offer a price based on Fair Market Value (FMV) and comparable sales. In high-demand neighborhoods like Brickell, you might need to offer above the asking price to stand out.
- Down Payment: In Miami, down payments usually range from 3% to 20%. In competitive markets like, a larger down payment can strengthen your offer.
- Earnest Money: Boost your earnest money deposit to show you’re serious, especially in hotspots like Miami Beach, where homes can go fast.
- Contingencies: Include protections like home inspection, financing, and wind mitigation contingencies. These safeguards you from issues like hurricane damage.
- Concessions: Request the seller to cover some closing costs. In Florida, it’s common to negotiate repairs after the inspection, such as roof issues, HVAC problems, or plumbing leaks.
- Deadline for Seller’s Response: Set a 24- to 72-hour deadline to encourage a prompt reply. This helps prevent delays and keeps you on track for Florida’s average 44-day closing timeline.
- Closing Costs: Expect closing costs around 2% to 5% of the home’s price, including title insurance, property taxes, and lender fees.
Step 6: Conduct Inspections and Appraisals
A standard home inspection in Florida should cover:
- HVAC System: Ensure the air conditioning can handle Miami’s heat and humidity. It is essential for year-round comfort.
- Plumbing: Check for leaks, corrosion, and water pressure issues, especially in Miami homes built before the 1980s. These houses are more vulnerable to damage from humidity and salt air.
- Electrical System: Verify everything is up to code and can withstand storm-related power surges, which are common in Miami.
- Roof Condition: Assess for storm damage, missing shingles, or age-related wear. It’s important in this hurricane-prone state.
- Foundation and Structure: Look for cracks, moisture, or settlement issues, particularly in flood-prone or sandy-soil areas.
When you’re browsing homes for sale, ensure that you get a wind mitigation inspection for hurricane risk. Also, if you have a condo over 30 years old and higher than two stories, make sure you get a Milestone Inspection for structural safety.
Once the inspection is complete, your lender will order a home appraisal to confirm the property’s market value. This step ensures the loan amount aligns with what the home is actually worth. It can impact final loan approval, especially if the appraisal comes in low.
Step 7: Close on Your Miami Home
Almost there! Closing usually takes 30–45 days, from signing the contract to getting the keys in your hand. Here’s what you can expect:
- Final Walkthrough: Make sure all repairs have been completed, and the home is in the agreed-upon condition.
- Buyer Closing Costs: Expect to pay 2%–5% of the home price. This includes title fees and lender charges, plus prepaid taxes or insurance.
Once you sign the dotted line and transfer the escrow—congratulations, you’re officially a homeowner. Grab those keys and cue your happy dance! 🎉
What Should You Do After Closing?
Welcome home! Now it’s time to handle a few must-dos to protect your investment:
- File for Homestead Exemption: If the home is your primary residence, apply for Florida’s Homestead Exemption to reduce your property taxes. You could get up to a $50,000 reduction in taxable value—especially valuable in high-tax areas like Miami-Dade.
- Set Up Utilities: Get water, electric, internet, and trash service connected, often through FPL. And don’t forget pest control, especially in humid areas where bugs are active year-round.
- Get Insurance: Homeowners insurance is required if you’re financing, and flood insurance may be needed in FEMA zones. Rates are higher in coastal areas due to hurricane risk.
- Home Maintenance Plan: Schedule AC tune-ups at least twice a year, clear gutters regularly, and inspect roofs for storm damage or algae buildup. Consider wind mitigation upgrades to reduce insurance costs.
How to Buy a House in Miami Without a Realtor?
To buy a house in Miami, start by researching neighborhoods and browsing listings on trusted sites like Houzeo. Then, schedule showings directly with sellers or their agents. You can also hire a real estate attorney to review contracts and handle legal details.
Next, get pre-approved for a mortgage, make an offer, schedule inspections, and negotiate repairs. With the necessary due diligence, you can buy a house without a Realtor.
Should You Buy a House in Miami?
Absolutely! Miami offers incredible opportunities for homeowners, whether you’re buying for investment, residence, or vacation. Moreover, with more homes being sold below the list price, now’s the best time to buy a house in Florida.
Whether you’re drawn to North Beach or Coral Gables, Miami has it all. There’s a spot to match every lifestyle and budget. So if you’re on the hunt, check out our list of the best places to live in Florida!
