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Rising rents have people questioning whether now is a good time to buy a home.
Wells Fargo will host a free “Advancing Homeownership Fair” to help South Floridians learn more about the homebuying process, local resources available for down payment and closing costs and opportunities that may help them achieve the goal of becoming a homeowner. The fair will take place on Saturday, May 6, from 10 a.m. to 1 p.m., at the Florida International University (FIU) College of Business, 11200 SW 8 St., CBC 232.
“Owning a home provides family stability and an opportunity to build generational wealth, but unfortunately, it may feel out of reach for far too many people, especially those in historically underserved communities,” said Valeria Esparza-Chavez, head of Home Lending Hispanic Segment at Wells Fargo. “We continue to work every day across Wells Fargo and with industry partners to break down the systemic barriers that make homeownership more difficult to attain and help make the dream of homeownership accessible to all Americans.”
Latinos in Florida are more likely to own a home relative to Hispanics and Latinos across the U.S. (51 percent vs. 47 percent). In fact, the Census Bureau data compiled by the National Association of Hispanic Real Estate Professionals, showed that some 700,000 Hispanic families purchased a home in 2020.
“It is even more important for potential homebuyers to be patient, prepared and ready to keep trying in this current market,” Esparza-Chavez added.
With low inventory and larger numbers of millennial homebuyers entering the market, experts advise to keep in mind these key tips when you are ready to purchase a home:
Have a homebuying plan, understand all the financial commitments and considerations of homeownership so that you’re setting yourself up for financial success.
Arrange for the true costs of home ownership, using a calculator to help you determine your budget, debts, location and down payment amount.
Leverage the advice of professionals. Work with a home mortgage consultant, like at Wells Fargo, to make sure you have a solid financing plan with a pre-approval in hand; and a real estate agent that can help you find the home that meets your needs and present a solid offer.
Attendees must register to attend using the code AH23Miami at www.wfhmconsumerevents.com/aspx/Events/eventselection.aspx.
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