Wednesday, September 21, 2016
Many online sources will tell you that there is plenty of inventory of homes for sale in Broward County and that may be true in a way but not entirely. Yes, there are plenty of listings available in the market which the majority of average people cannot afford to purchase.
The need for homes for sale listed under $200,000 is very dire. My buyers have personally experienced this issue and the search for available homes listed under $200,000 has been extremely difficult for me, as well.
According to Broward County's website, the median income in the county is $60,900. Well, let's remember that that amount has been calculated by including a lot of high earners' salaries. This is after all just an "average". We have to take into consideration that a lot of first-time home-buyers are single-parent households or households where only one spouse works.
The ideal situation would be for every single first-time home buyer to have 20% of their down-payment ready to go but we all know that for middle-class or lower-income families is not an easy task to save that much money.
Another reason for a lack of a bountiful down-payment is the fact that most first-time home buyers are not informed about what it really takes to buy a home. In this case, other options exist, such as qualifying for an FHA loan or finding available down-payment assistance funds offered by many cities and even counties.
Whatever you situation may be, you, as a first-time home buyer need to work with a knowledgeable realtor who will be able to guide you and help navigate through this scary yet exciting journey of home-buying.
Contact Jason D McLendon for more information about first-time home-buyer assistance programs and to start your home search with a realtor that actually cares about you and your family.
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