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6850 Main St
Miami Lakes, FL, 33014
United States

1-305-606-9032

South Florida Realtor Associate with extensive local knowledge, living in South Florida for over 15+ years.

Looking for a new place wether is renting, buying, leasing to own, or buying and investment property in South Florida real estate? You have come to the right place. I will help you find the perfect real estate property from new construction, single family homes, apartments, town-homes, lofts, condos, and pre-construction developments that will fit your needs in a hassle free process.
Jose Azuaje is very familiar with the areas of Miami-Dade, Broward, and West Palm Beach. 
Looking for a property outside the USA? I can also help you find your dream home anywhere in the world with my extensive network of international brokers.

My goal is to attend to my client's needs in every step of the real estate transaction. Nacido en Venezuela hablo español.
 

Blog

Welcome to my blog, here you can find different articles from how the housing market is doing, to other types of tips relating to the real estate industry.

I also like to feature different developments that are being built or will be built around South Florida. For more detail information on these amazing developments follow the links on the blog articles, or click on New Construction on the top navigation bar of this site.

I also like to read your comments, and if you stumble upon an article you think will be valuable to someone you know please share it, or like it using the buttons at the end of the articles.

Thank you for visiting my blog.

Sincerely,

Jose Azuaje

 

Filtering by Category: Reports

Is The Current Generation Taking Longer To Buy Their First Home?

Jose Azuaje

ThinkingOfBuyingAHome

The short answer is yes. Currently Generation Y or Millennials (people ranging from birth years 1980 to 2000) are currently taking longer to dive into their first home purchase than their predecessors. 

The average age for a first time home buyer now days is 33 years old, which is on the upper edge of the Generation Y population. The previous generation had an average age of 3 years younger when they first bought a home.

So why is this happening to Generation Y? Below are a few of the reasons:

  • The average first time home buyer now rents for 6 years prior to buying a home, up by 2.6 years for the 1970s.
  • Rents keeps raising making hard for them to save up a down payment, and get qualified for a mortgage.
  • They are facing adulthood from marriage, children, to a stable career later on in their life.
  • House prices and income ratio, their purchase price is now substantially more, relative to their income, than it was decades ago. First-time buyers are paying a median price of $140,238 nearly 2.6 times their income. In the early 1970s, the starter home was just 1.7 times income.

All of these reasons show why home ownership among the United States population have declined, the amount of people in the United States population that owns their own home is at a all time low in 48 years.

Generation Y (Millennials) are still very interested in buying a house, but are delaying that decision to later years on their life as they mature into adulthood. A great opportunity for them is having some of the lowest interest rates in history, so hopefully we will start seeing a raise on the amount of home ownership amount this group.

Florida Housing Prices Continue To Climb

Jose Azuaje

Florida real estate prices continue to climb steadily, reports the Florida Realtors Association. All while we face tighter and tighter inventory levels.

According to the Florida Realtor Association on July 2015 there was only around 4.5 months supply on single family homes, while town houses had a little bigger supply at 5.3 months. This information reiterates what we already know (we are in a seller's market) A balanced market would be considered at around a 6 month supply for buyers and sellers, on single family homes and town houses.

Freddie Mac reveals that interest rates for a 30-year fixed-rate mortgage averaged 4.05% in July 2015, representing a drop down from the 4.13% average recorded earlier on the previous year July 2014. Buyers are certainly taking advantage of these lower interest rates; it reflects on the number of closed sales Florida continues to experience.

Florida closed sales of existing single-family homes were up 21.8% over July 2014, totaling 26,916 in the month of July 2015. The raise on closed sales was not only noticed on single family homes, but on town homes as well that also showed double digit gains.

The raise on the booming Florida real estate market is not only for closed sales, but new pending sales also showed gains. New pending sales for single-family homes in July went up 6.5% year-over-year, while new townhouse-condo pending sales rose 3.8%.

The Florida Realtors Industry Data and Analysis Department in partnership with local Realtor Boards/Associations revealed that median sales price for single family existing homes on July 2015 was $199,900, that is an increase of 8.1% from the previous year; while town houses numbers for July was $150,000 which is up 9.1% over the previous year figures.

Want to see live graphs on how the South Florida market is behaving? Simple just click on Client Tools/Market Reports on the top navigation bar of this website or follow the link below.

Market Reports

As always, if you have any questions do not hesitate to contact me sending me a message or on social media.

Jose Azuaje