2023-04-21 18:23:47
Acquiring your own home in Miami or South Florida, United States has become a problem for many first-time buyers who have saved for years to get a property with at least two rooms.
In fact, data from the National Association of Realtors (NAR) shows that the proportion of first-time buyers in total home purchases in the United States in 2022 fell to an all-time low of 26%.
Specifically, in Miami Dade County, house prices are around $500,000, which is why the number of customers interested in paying this amount to purchase their first home has decreased considerably in the last year.
Through various testimonies from potential buyers, it is known that a salary of a couple that together reaches 120,000 dollars a year is barely enough to afford the purchase of a house.
Meanwhile, Miami-Dade housing inventory remains tight with a March offer of 9,880 units, including condo towers, houses and townhomes, but well below the pre-pandemic number.
For newcomers and foreigners who decide to settle in the United States, the situation becomes even worse, which is why experts in the sector recommend that before starting to look for a house, credit card debts should be reduced. Another tip from sellers is to save six months of income and make sure you have a credit score of at least 660.
HOW TO BUY A HOUSE IN MIAMI, FLORIDA?
Typically, a worker must save for years to secure a down payment on a home, which is why the median age of first-time homebuyers in Miami-Dade is over 32. Currently, the best deals are in condo towers in Kendall and Dadeland and in houses in Westchester and West Miami.
Experts also recommend choosing a real estate agent, looking into down payment assistance programs, and choosing a lender, who is responsible for preparing underwriting documents and setting a mortgage interest rate.
Another effective avenue may be through the Miami-Dade Housing Finance Authority, a government agency that provides down-payment and closing-cost assistance to first-time homebuyers in the area.
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