Hello First Time Home Buyers - Are you priced out of the market?

Prices of single-family homes are at an all-time high and rent prices are increasing. What are those seeking to purchase their first home to do? With first-time home buyers being priced out of the market, what are their alternatives?   

Rent prices have recently skyrocketed to an average of $2,335 for a one-bedroom, one- bathroom apartment in the Miramar area (apartment.com).   It is an accommodating place in a great city, and we welcome you to the center of everything right here in Miramar!

Based on the news and the realtor’s magazines, with inventory being so low and the strong demand for the inventory, prices have pushed higher than anticipated.  “Increasing home prices will continue to be the norm as long as supply is restricted.” said Bill Dallas, President of Finance of America Mortgage. 

COUNTYWIDE AND LOCAL INITIATIVES TO HELP ALLEVIATE THE RENTAL CRISIS

The rental crisis has also caught the attention of many local governments and affordable housing practitioners. In fact, the Broward County Board of County Commissioners recently passed and adopted Ordinance No. 2022-21 on April 26, 2022, which, consistent with the “Florida Residential Landlord and Tenant Act,” as codified in Part II of Chapter 83, Florida Statutes, requires a written notification period related to the termination of certain residential tenancies and rent increases on a countywide basis.  

In addition to this new countywide ordinance that provides city residents with fair notice of rent increases for residential tenancies, the city is also looking at other ways to address this crisis. Beginning in July this year, the Rental Assistance Program, which was approved as one of the strategies of the Fiscal Years 2022-2025 Local Housing Assistance Plan (LHAP), via Resolution No. 7599, will provide income-eligible renters in the city with their first and/or last month of rent, security deposit, and utility connection up to a maximum of $8,000 to move into a rental unit.

First Time Home Buyers
 

Miramar has a home buying program that could be of assistance to you.  Federal and State dollars are available in our Local Housing Assistance Plan (LHAP), purchase assistance without rehabilitation maximum award for very low income is $70, 000; for low income is $60,000 and for moderate income is $50,000. Come see if you qualify for this assistance.  Miramar will host a series of Home Buyer Purchase Assistance workshop throughout 2022.  Tentative dates are August 18 and November 17, 2022, so please stay tuned for the time and location once plans are finalized.

In many cases, these cash incentives can be used toward the buyer's down payment and closing costs.  However, there are terms that you must pay attention to. 

For example, Miramar requires the buyer to live in the home for 10 years — if not the grant money must be paid back.  Miramar also requires the participant to be a first-time homebuyer although this can be any person who has not owned a real estate property in three or more years. So, if you owned a home five years ago, you would qualify. 

Recently (April 2022), it was stated that the median home sold price is $460,000 in Miramar, with the median listing price at $453,000.  The average home sells for about 1.28% above asking price proving it is still a seller’s market.   On average, homes in Miramar sell after 50 days on the market (3-year average).  The trend median days on market has gone up since last month, and slightly down since last year.  

There are 21 neighborhoods in Miramar.  The most expensive is Country Club Ranches and the most affordable is the Villages of Renaissance.  Come let’s determine your eligibility for assistance. 

I believe in you!

2022 INCOME LIMITS

Effective April 01, 2022, the Median Family Income for Fort Lauderdale HMFA (Broward) is $82,100.

Accordingly, the maximum allowable income based on household size, may not exceed:

COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) AND HOME

Maximum Housing Value - $382,194.90