First-time Miami Homebuyers May Have to Settle For Less Than Perfect Home

by Isaac Benmergui, Esq on January 10, 2013

Home SoldFinding that perfect Miami first home is every buyers dream. “They have to be flexible and compromise,” he said. “They’re not going to find the perfect home in this market,” says Broward County agent Chip Rowand.

Some buyers have to settle on different communities. Some have to settle on aesthetics that they’ll later change or learn to live with. Five years ago, at the height of housing bust, first-time buyers had myriad properties to choose from, virtually no competition and lots of leverage in bidding.

With inventory down and competitive bidding now part of every real estate transaction, couples are also finding rude awakenings await them when they find the closing costs are just as much as the downpayment.

First-timers are boosting demand for Miami-area homes, which allows existing homeowners to sell and upgrade to bigger properties. In the first half of 2012, 39 percent of nationwide home sales nationwide were with first-time buyers. In the previous year, first-timers accounted for 37 percent of sale, according to the National Association of Realtors.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.comfor more information or to set up an appointment today.



Previous post:

Next post: