How immigration issues can affect Florida real estate. ‘I can't live here.'
But immigration issues also are affecting the real estate market, with uncertainty leading some property owners to sell their homes quickly to capitalize on rising prices.
'There are people leaving, calling me ... to put their house up for sale. 'I'm going back, I can't live here,' ' Gisela Rojas, a broker with Caissa Realty Investment, told el Nuevo Herald.
Rojas, based in Orlando but also active in the Miami area said that many of the new listings she is handling are 'people who are returning to Colombia, Mexico, Venezuela and are looking for other places like Spain to start a new life.'
'I'm seeing it up close; most of them are facing immigration uncertainty,' said Rojas, who has a prominent social media presence and appears on Telemundo and Univision. 'They had already achieved the American dream without being residents, with a lot of effort.'
Many immigrants bought homes by taking advantage of federal FHA loans, which allow for low down payments of around 3.5%, and other assistance for first-time buyers. They also became homeowners when mortgage interest rates were lower than the current just-under 7%.
In most of Florida, a single person needs to earn around $80,000 to own a home, and in more expensive cities like Miami, Doral, Pembroke Pines and Weston, it's closer to $140,000.
In addition to the high prices in Miami-Dade, especially compared to wages, buyers in the Miami metropolitan area, which includes Fort Lauderdale and West Palm Beach, are paying mortgage rates above the national average.
Mortgages in a buyer-friendly market
Those with undefined immigration status who bought property a few years ago now have significant equity in their homes and are selling quickly to take advantage of that, Rojas said.
Rojas points out that at a time when properties are staying on the market for 90 to 120 days, buyers can get a lot of benefits from sellers and also from developers, who are trying to drive sales of new construction.
'Builders are offering incentives. Yesterday I was able to put a contract on a new home for $600,000, and they gave the buyer $38,000 for closing costs,' Rojas said.
Property appraisals are also coming in below the asking price, sometimes $30,000 less, giving buyers more leeway to persuade sellers to lower the price, he said.
With the market in their favor, buyers should look for alternatives to finance. Those who can't qualify for an FHA loan can try for a conventional loan. Other programs require a buyer to have low or limited income, such as HomeReady Mortgage and Home Possible.
Offers and incentives for renting in Florida
The rental market is trending downward, especially in Central Florida around Orlando, Rojas said. But she hasn't noticed price declines in Miami and other high-demand cities, although there is increasing inventory.
'There are a lot of new condos for rent, and they offer incentives, like three months of free rent and no deposit required,' Rojas said.
The real estate agent also sees opportunities for investors, who can buy properties at a discount in areas that will later appreciate in value, while also earning a return on the monthly rent.
'We're talking about two realities because foreign investors are arriving,' Rojas said, 'looking for people desperate to get out of their properties.'
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