The fall of South Florida’s real estate market has deeply affected first-time homebuyers. Even though homes are becoming more affordable, banks are not lending the money these first-time homebuyers need.
Unfortunately, first-time homebuyers are necessary for a healthy real estate market. First-time homebuyers should account for 40 percent of national home sales, whereas this year they only accounted for one third. These buyers are often young and stimulate the economy when they buy and furnish homes. When they sell their “first home,” they usually buy a bigger property, further benefitting the real estate market.
First-time homebuyers are having a particularly hard time in the South Florida real estate market. There has been a recent influx of investors from Brazil willing to pay for homes in cash. When a homeowner is looking to sell, they want not only the highest offer, but the best as well. This means that the first-time homebuyer is left in last place, struggling to find a home.
Even though South Florida’s real estate market is strengthening, the difficulties are not yet over.
Meridian Trust Investments has been making successful real estate deals in the Florida marketplace with buyers and sellers at all levels for over a decade. Our business continues to grow and flourish despite the challenges the real estate market has experienced. Our clients can consistently count on us to find the best deals, close on those deals and get the property ready to rent or resell.
To learn more about real estate investments, short sales and foreclosures in South Florida, contact us today.