As of June 2022 we entered a cooling housing market. Interest rates rose in June, July, September and November 2022 by .7 percent in each month. December spike is on the horizon. This surely hurt the 24 to 26 percent of the housing market first time buyers. The Federal Government is determined to tame inflation and will not resist until the mission is complete and when we will see the horizon is unknown. Redfin has reported that home prices are falling faster than 2006 and between June and August home prices fell1.6 percent.
No one knows what the outcome will be with much uncertainty, many say we are already in a recession because the national housing statistics and economics has met the definition of recession. Home sales has dropped 19 percent. Many homes has sold below asking price, many sellers are in denial and still trying to press the housing market, however they are sitting on the housing market longer.
In this market there is now less competition that has started after June 2022, bidding wars are gone, homes up for sale are now having inspection's that are not waived and contract contingencies are being accepted.
Literally this is a cooling housing market and a housing market correction click link to understand more /HOUSING-MARKET-CORRECTING---32819---32836---Dr-Phillips-6-22828.html
Buyers are being put back in the driver seat and can negotiate inspection items.
The housing market will definitely correct itself but not overnight. facts are that if a house no lingers on the market and priced right buyers are reluctant to jump very fast like before. Within the last two years a home lasted no more than 3-7 days with multiple offers due to buyer demand and shortage of homes. Many waterfront and gated community homes in the Dr Phillips and Central Florida area have been going up for sale which is minutes from the Famous Disney Theme Parks.
However seasoned homebuyers know exactly what to do. Slowly but surely this will turn eventually turn back into a buyers market with seller paying some closing cost and negotiating repairs from the home inspection. Contingency contracts from sellers are now being accepted. Many will wait on the market even longer to find a good deal and can afford to wait while more inventory of homes appear. While home prices report as of November 1st 2022 homes prices has fallen 6 percent.
As a trusted advisor, professional realtor and retired military veteran, I am here to serve you and always on the pulse of the housing market for the Dr Phillips and Central Florida area. Contact Kevin Strawter at 850 496-6412 and stay tuned, connected and educated in this volatile housing market to purchase or for the sale of your home. Click link to learn more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html?