Inflation of interest rates taken the headlines nationwide. So may dynamics has taken place since the initial spike in 2022. This led to putting many first time home buyers out of reach of there dream. There were many about to close and get their keys and their process was halted with disappointment and could not close on their home. Same as refinancing, many missed the boat and sat in remorse saying I wish I would have did this earlier. These are major financial decisions of homebuyers and homeowners that unfortunately caused a lot of stress on many families. With inflation of interest rates this forced many to be buyers to move further out for affordability and many worked remotely with slightly smaller homes to purchase. This not only tied into homes, it also flowed in cost of all goods nearly doubled and crippled with gasoline prices. However buyer demand with 187,000 jobs created and unemployment rate declined in July of 2023 is still in effect due to rising rent and many are adjusting to the new norm. Click link to learn more about economic employment https://www.bls.gov/news.release/empsit.nr0.htm
With low unemployment rates is a huge game changer and means people are finding jobs and that comes with consistence income to possibly qualify for a home purchase.
Affordability depends on three factors wages, home prices and mortgage interest rates. The housing market has been a beneficiary over the strong economy and labor market. Many that has been employed saved their money for a downpayment for a home. Homebuyers are still more active than usual, today's housing market is not a frenzy as 18 months ago and does not mean the market is at a standstill.
As builders kept building through the pandemic, they had to watch their numbers to price homes based on the price of materials as they skyrocketed through the 2020 pandemic stage. This was a huge task along with competing with many other builders. It was a challenge for many builders to stay in the game. Many got creative with buy down interest rates, building more smaller affordable homes and other incentives. As you could see the nation entered a housing inventory shortage. Builders ramped up the pace of building affordable homes to compensate for the existing housing shortage. Our jobs as realtors is to find the best home and negotiate the best deal in the best interest of our homebuyers. This is where your trusted adviser comes into play for you.
There are still eager buyers due to rising rent and uncertainty of of the interest rates. Many now have decided to invest to buy a home and start gaining the equity to purchase their next home. If you like to receive my free ebook Home Sweet Home ( Buying New Construction Versus Existing Home) Click link for my book https://kevinstrawter.book.live/read-new-construction-book
As a trusted advisor, professional realtor and retired veteran I am here to serve you and on the pulse of the Dr Phillips and Central Florida area. Always stay in tuned, educated and connected 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.
Part of my job is to keep you educated of the local market trends, information on the buying and selling process to include real estate common terms and videos. Don't get confused with the news, they talk about the national level data, I can provide most current up to date local area data.
So 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 a 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 homeownership and all your real estate needs.