Homeownership And The American Dream

Owning a home has always been an important part of the American Dream. We’ve all imagined the home with the white picket fence. It’s a goal everyone wants to achieve.

According to Greg Nagel, a managing broker in Chicago, homeownership “is the most risk-free investment opportunity to build wealth.” However, home prices in South Florida are currently on the upward trend — with Broward posting a 4.8% increase and Miami Dade an increase of 3.9% compared to last year. This poses a problem to many who find it difficult to find an affordable property. Furthermore, rent prices are skyrocketing, even though half of the county’s families already spend over 30% of their gross income on rent. For example, n Miami, nearly 800,000 families spend more than half of their income on rent and 51% of the population spends about 30%. This makes Miami the third worst rent-to-income ratio in the US, according to the Miami Association of Realtors.

So, the question is, should you buy a home in the current market? Buying a property is one of the most important financial decisions in a person’s life. However, there are many things that can go wrong in the process, failures to disclose problems with the property, incorrect appraisals, negative inspections, and credit issues.

To combat these hurdles buyers need to partner with experienced realtors who will streamline the home buying process and build trust with buyers.

Even with an expert realtor, and in spite of the rising interest rates, South Florida’s real estate market leaves each individual with the choice of whether or not they want to make the decision to purchase a home and achieve their American Dream.

 

If you are thinking of buying or selling give Mario A Quintero a call your real estate and mortgage consultant at the one stop shop for a free consultation at 395-598-1600.

2018-10-12T18:38:07+00:00

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