Many wonder where are we at with home prices decline. The good thing worst is that they are behind us. They do vary in areas of our country, however nationally they are on the rise again. Just five months ago, prices were declining, now as of March 2023 the housing market has done a 180 degree turn, now with prices back on the housing market in some areas in 92% of the market as CoreLogic and Black Knight. Many were expecting home prices to decline, since the market inventory this strengthen the housing prices by supply and demand put's us more into a sellers market. If planning to put your home buying plans on hold, you may want to think twice. If there was at least two to three times homes listed there would be more competition and lower home prices, that is not the case in this 2023 season.
Buyers, If you have been waiting to buy because you did not want to purchase something that would decrease in value, you now have the peace of mind things are looking up. Buying now let's you make your move before home prices climb even more and let your asset that typically grows in value over time and rates will come down. I say marry the home and date the rate. Marry the home and date the rate.
Sellers, if you have been holding off selling because you maybe worried about home prices and the impact of value, it maybe time to jump back into the market and connect with a trusted advisor to list your home, you do not have to put your needs on hold any longer because the latest data shows a turn in your favor.
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Mortgage interest rates have been driving this train all along from the beginning of the pandemic up to now. The higher the interest rate are, homebuyer are less likely to qualify and homeowners a reluctant to put their homes on the housing market. With politics in place and the world events taking place there is much uncertainty on what to do. I give my humble opinion this time next year the mortgage interest rate may stable out at 5.5% when all said and done as the consumer price inflation calms down.
Inflation and the Housing market played a vital role in the Fed's role to continually raise the interest rates for the 10th time leading into May 2023. This was in the result to cool off the economy after being red hot 2020 up to June 2022. The everyday expense have went through the roof and many families are really hurting, especially at the gas pumps and grocery stores. Home affordability and housing shortage has become a major issue through all of this and continue to impact the housing market. Click link to learn more on impact of inflation on mortgage rate /IMPACT-OF-INFLATION-ON-MORTGAGE-RATES---32819---32836---Dr-Phillips-6-25408.html
Lean on your trusted advisor.
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. Always stay in tuned, educated and connected in this volatile housing market to purchase or for the sale of your home. In the absence of trustworthy up to date information whether it's a housing crisis or local housing market, real estate decisions are increasingly being driven by fear, uncertainty and doubt. We as trusted advisors drive the real estate community and always preaching the truth of real estate. I emphasize that education is a must for the community to ensure you are making the right decision. Don't let this shifting housing market delay your dreams, data reveals home values typically appreciate over time and that gives your net worth a nice boost. When you are getting help with your home, look for your realtor with the heart of a teacher. If you are ready to start your journey, contact me today at 850 496-6412 to help begin a new walk to home ownership and all your real estate needs. Click link to learn more about Kevin /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html