6839 S Waterway Dr, Miami, FL 33155

Here’s a comprehensive overview of the property at 6839 S Waterway Dr, Miami, FL 33155, along with current real estate market trends in Miami and general information about refinancing in Florida:

Property Details:

• Address: 6839 S Waterway Dr, Miami, FL 33155
• Property Type: Single Family
• Bedrooms: 3 beds
• Bathrooms: 1 bath
• Square Footage: 1,702 sqft (living area)
• Lot Size: Approximately 9,000 sqft (0.2066 acres)
• Estimated Refinance Payment: $4,751/mo
• Built in: 1947 (78 years old)
• Listed Price/Value: $579,000 (This is the value provided in your input. Public records and real estate sites show various estimates, with Realtor.com’s “RealEstimate” at $725,135 and Redfin’s estimate at $641,056. The property last sold in March 1993 for $78,000 and in February 1991 for $60,000, which are highly outdated for current market value.)
• Tax History: Property taxes in 2024 were $3,003.

Additional Property Information:

• Construction Type: Frame/Stucco
• Roof Covering: Likely Bahama/Ceramic Tile/Built-Up Tar and Gravel (based on property details)
• Total Buildings: 2 (implies a main house and potentially an outbuilding or garage)
• Zoning: Residential – Single Family: 1 Unit
• Schools (Nearby):
  • Coral Terrace Elementary School (PK-5, 0.7 mi) – 6/10 rating
  • West Miami Middle School (6-8, 1.1 mi) – 3/10 rating
  • South Miami Senior High School (9-12, 1.3 mi) – 5/10 rating
• Climate Risks: The area has a “Major” risk of flooding, with 62% of properties in Miami-Dade County at risk of severe flooding over the next 30 years.

Miami, FL Real Estate Market Trends (as of July 2025):

• Market Condition: The Miami housing market is currently considered not very competitive by Redfin.
• Median Sale Price:
  • Miami: $616K in June 2025, down 0.24% since last year.
  • Miami-Dade County: $575K in June 2025, up 4.2% compared to last year.
• Median Sale Price Per Square Foot:
  • Miami: $570, up 7.5% since last year.
  • Miami-Dade County: $394, up 4.2% since last year.
• Average Listing Age/Days on Market: Homes in Miami generally sell in around 51 days. In Miami-Dade County, the average is 87 days on the market (up from 65 days last year).
• Sales Activity:
  • In Miami-Dade County, 1,944 homes were sold in June 2025, down 15.6% from last year.
• Sale-to-List Price Ratio: In Miami-Dade County, 95.2% of homes sold at or below asking price in June 2025.
• Home Value Change:
  • The average Miami home value is $588,264, down 0.7% over the past year (data through June 30, 2025).
  • The average Miami-Dade County home value is $528,779, down 1.5% over the past year (data through June 30, 2025).
• Months of Inventory: Miami-Dade County single-family homes were in a “Buyer’s Market” in June 2025, with months of inventory up 67.8% year-over-year.

Current Mortgage Interest Rates in Florida (as of Sunday, July 20, 2025):

• 30-Year Fixed Mortgage: Average APRs are around 6.83% – 6.88%.
• 15-Year Fixed Mortgage: Average APRs are around 5.88% – 6.02%.
• 5-Year ARM: Average APRs are around 7.420% – 7.81%.

Note: These are average rates and can vary based on individual borrower qualifications, lender, and market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida:

• Credit Score: Most lenders require a minimum FICO score of 620 for conventional loans. Higher scores (e.g., 740+) generally qualify for better rates. FHA loans may have lower minimums.
• Home Equity (Loan-to-Value Ratio – LTV): Lenders typically require an LTV of 80% or less (meaning you need at least 20% equity). For cash-out refinances, you might be able to borrow up to 80% of your home’s value, or even 100% for VA cash-out refinances. An appraisal will be needed to determine your home’s current value and LTV.
• Debt-to-Income (DTI) Ratio: Lenders assess your DTI (total monthly debt payments divided by gross monthly income). A DTI of 43% or less is generally preferred, though some programs like FHA may allow up to 50%.
• Proof of Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, tax returns, and bank statements to verify stable income and employment history. Self-employed individuals will need additional documentation.
• Property Occupancy: The home is typically required to be your primary residence, with at least one borrower occupying it within 60 days of closing.
• Closing Costs: Expect closing costs ranging from 2% to 6% of the loan amount. These can often be rolled into the new loan.
• Mortgage Insurance (PMI): If your LTV is greater than 80% on a conventional loan, you will likely be required to pay Private Mortgage Insurance (PMI).

The estimated refinance payment of $4,751/mo suggests that if the property’s value is closer to the higher estimates (e.g., $600K-$700K+), a homeowner might have sufficient equity to consider refinancing. Given the dynamic nature of the Miami real estate market, consulting with a local mortgage professional is highly recommended to get personalized rate quotes and assess eligibility for refinancing.