Many people in South Florida face a very important decision: Is it time to buy a home? For first-time homebuyers, this can be an exciting decision, while for others it may be a necessity. Our readers who are familiar with previous posts here know that the residential real estate market in South Florida has been strong for a few years now, but it is finally showing some signs of cooling down. So, for those who are sensing that now might be the right time, what does it take to buy a home in South Florida?
Well, for starters, it is important to know whether or not the timing actually is right: is it a buyer’s or seller’s market? For years now, the answer to that question has slanted toward sellers. But, there are some factors that are beginning to have an impact on that position: growing income, continued residential development and a slowdown in the rise of home prices.
So, if the time is right, the next step is to figure out how much you should spend on a new home. Most people will think in terms of a monthly mortgage payment: how much more can you spend than you already are on housing? The answer to this step of the process will obviously be different for everyone based on their own unique financial circumstances.
Lastly, it is important to know where you want to look for a new home. The South Florida market, generally speaking, consists of Broward County, Miami-Date County and Palm Beach County. Each county has its own advantages, so homebuyers will want to figure out where to look first, and then see if they can find the right home.
Source: Miami Herald, “Is it really that expensive to buy a home in South Florida?,” Nicholas Nehamas, Feb. 10, 2017