Homeownership is the American Dream; it always has been, and it likely always will be. As an immigrant himself (from Latvia), Andrew Borovsky knows that buying a home can be a defining moment in a person’s life. The 43-year-old chief executive of Visible says that in this current housing market, “that’s kind of threatened right now.”
As Fortune interviewed Borovsky, mortgage rates were just hitting the staggering heights of 8%, something unthinkable during the 3% average of much of the Pandemic Housing Boom as home prices rose substantially. But as rates climb, prices aren't falling, and the two have resulted in deteriorated affordability that’s pushing homeownership out of reach. With that, more people seem to be renting, and renting for longer. Borovsky’s Miami-based startup is building a financial network and operating system for real estate with the goal of making every transaction more efficient and less expensive, while leveling the field for smaller players.
