There are many top issues and reasons why some sellers are not selling homes. There is fear of high interest rates. As we stand now in September 2023, it has been predicted that the interest rates is expected to go up at least one more time before the year is out. Cash is the way to go with purchasing a home to avoid the high interest rates and financial institution red tape. This goes along with homeowners that has refinanced at an ultra low interest rate do not want to lose that rate or getting hit with a capital gains tax bill and or higher property taxes. Building materials has lowered but still high and that unfortunately goes in the cost of the home. Also adding to that is that home improvements are costing much more. Higher insurance premiums has been lurking out there which is a deterrence.
There are many families across the country desire to move, whether is an inheritance, downsize due to empty nest, move up home or quality of life. There can be many reason's as we know each scenario is different. It can be better school zones or commutes to the office or desire to be closer to family and loved ones. Apparently a huge portion of first time buyers has came to a halt since spike in the mortgage interest rates. Being that there is a housing shortage, sellers still have mixed emotions because they have nowhere to move that is desired. There has been a fair share or buyer's remorse because of missing the opportunity of cashing on while the housing market red hot. Many feel that they cannot find the desire to move due to a housing shortage.
As a trusted advisor, professional realtor and military veteran I am here to serve you and always on the pulse of 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 its a housing crisis or local housing market, real estate decisions are increasingly 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 common real estate terms and video's. Don't get confused with the news, they talk at national level data, I can provide the most current up to date local area data.
So don't let this shifting housing market delay your dreams, data reveal home values typically appreciates 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.