Agent

What’s it like for first-time homebuyers looking at Miami?

South Florida is cited as a difficult market for first-time buyers
Published on Mar 2, 2016
  • No South Florida housing market ranked in the top 50 in terms of affordability for first time homebuyers.
  • Zillow ranked the Miami-Fort Lauderdale as the sixth best buyer's market in the nation.
  • Stats from various sources differ when it comes to sales-to-list price ratios.

Two recent reports point to South Florida as an unaffordable region for first-time homebuyers. However, other recent data suggests the Miami metro is a top buyer's market where individuals are actively buying in the lower tier price points.In a recent study by Nerdwallet no South Florida city was among the top 50 most affordable markets for first-time buyers. The best ranking and most affordable South Florida market was the Edgewater submarket of Miami, which is north of downtown. The market is said to have a concentration of relatively affordable but undesirable single-family homes.In a separate report from SmartAsset no city in South Florida ranked among the top 25 most affordable beach towns in the nation.Buyers may find themselves with negotiating power While considered by some to be an unaffordable market, the Miami-Fort Lauderdale metro was recently ranked by Zillow as the sixth best buyer's market nationally. In short the metro represents one market where buyers ...

Comments