Is The Real Estate Market Cooling Off?
What’s Happening?
As a South Florida Realtor, I can tell you that real estate is always the topic of conversation no matter where I am whether dining at a restaurant, traveling on a plane, or at an event or even within our own family.
Market Conditions
Due to the downturn in the stock market, uptick in mortgage rates, rising inflation and the lowered sense of urgency to move, inventory is starting to tick up in many parts of the country including South Florida.
I am in several mastermind groups online and speak to local agents weekly about the market. Agents are sharing they are having less people show up at open houses and less showings in general.
The Facts
According to Forbes, since the pandemic started, the housing has seen U.S. home prices soar 34.4%.
As per a recent article in Fortune, demand is pulling back and according to Redfin 19% of home listings cut their price in the last month.
Today’s Market
With that being said, the housing market in South Florida is still very strong and Florida is simply a fabulous location to live, work and play in!
Many of the reasons people are moving to Florida include the lifestyle, weather, location, lower property taxes, no state income tax and proximity to friends and family.
As of today, the current market appears to be shifting slightly and so here is where we are at:
- Inventory is slowly ticking up again but since levels are still historically low prices there is still some upward pressure on housing prices. I am seeing price improvements on listings daily on the MLS and in my email inbox.
- Days on the market are longer than they have been.
- Less bidding wars, waiving of inspections and appraisals
- Interest rates may have ticked up however they are still historically low so speak to your lender if you are thinking you are ready to purchase and get all the facts and a pre approval!
Home Buyers
What this means to buyers currently is there is a slight feeling of normalcy in the market with some negotiations happening again on properties and less bidding wars.
The biggest hurdle is still the lack of inventory so it is still a sellers market and until inventory levels move up substantially the sellers are still holding the many of the housing cards.
If you are thinking of moving to South Florida grab my FREE relocation guide!
What’s Next?
Nobody ever has a crystal ball when it comes to timing the market. Your real estate purchase is unique to you, your lifestyle, your life events and work life initiatives. Working with a knowledgeable Realtor no matter what the market conditions is key.
If you would like to set up a time to chat whether you are buying a home or selling a home just click here to schedule a private consultation!
About Michele Bellisari
Michele Bellisari is the founder of #SoooBoca® Lifestyle & Media based in Boca Raton and a Realtor with Real Broker. If you are thinking of buying or selling real estate in Boca Raton and any of the surrounding cities let her help you out! Thinking of purchasing a vacation home? Michele blogs, vlogs, posts and shares all things Boca Raton, South Florida & Beyond from events, people, food, travel, home decor, fashion, beauty and real estate! You can find more at www.soooboca.com and on all the socials @soooboca. Information in this post should be verified with your accountant, attorney and or financial planner as well as the state of Florida. Information in posts should be verified independently. Information deemed reliable, not guaranteed.
How Can I Help You Buy or Sell A Property?
Categories
Recent Posts
