The housing market all over the country is slowing down in the face of rising interest rates. The great housing shift of the pandemic might be ending at the same time, which is leading to a lot of booming markets starting to slow for the first time in years.
That means that now is the perfect time to buy. With more houses staying on the market longer there’s more selection, and less pressure to buy as soon as you find a workable home.
Don’t despair, home sellers! While buyers are looking at a more favorable market right now, it’s still a good time to put your home on the market too. We’ll talk about why in the second half of this article.
Why Now is the Time to Buy
There are a lot of reasons that now is a good time to buy. For one thing, there are a lot of excellent homes on the market right now, whether you’re looking for a single-family house, a multi-generational home, or a condo.
Because homes aren’t moving quite as fast right now, buyers also have the luxury of considering more than one home before submitting an offer. That means you can consider a wider variety of homes and can afford to wait and see if the next home on your list is a better option.
You’re also more likely to be able to negotiate on pre-move in repairs and any changes you want to request from the seller. They’re more motivated to sell, so it’s more likely that they’ll be willing and able to shoulder some repairs – or lower the price so you can make the repairs you want.
When it comes to South Florida homes, those factors make for a beautiful combination.
Plus, it’s better to move now, while interest rates are still lower than they’re likely to go. With inflation on the rise, interest rates aren’t going to stay at today’s rates for long.
Good News for Sellers Too – The Market is Ready for Your Homes
Now, it might sound like this is all good news for buyers, but no so good for sellers. The truth is that a buyer’s market doesn’t mean that it’s a bad time to list your home. Instead, what this means is that homes aren’t selling quite as fast, which can work to your advantage too.
With more time to see homes and actually visit the places you’re going to be living, you and your real estate agent have a great opportunity to really show off the unique features that might get missed in a faster buying market. Those features are what can really increase the value of your home or convince buyers that they’re really getting a good deal.
You also get more time to be a buyer yourself in this market. If you’re selling your home and buying a new one, whether you’re relocating, getting a nicer home, or downsizing, this kind of market gives you an opportunity to look around and be selective, whereas the faster markets of the last few years have left a lot of sellers scrambling to buy their next home in time to close on the one they just sold.
All of these truths of the market end up being a good thing for everyone. Plus, market-savvy buyers are motivated to get their mortgages on the books before the next rate hike, so houses listed now have a good chance of selling in reasonable time, buyer’s market or not.
Looking to Buy or Sell in South Florida’s Hot Housing Market? Contact Great Florida Homes. Our Team is Ready to Help!
One thing is always true of the South Florida housing market. It’s competitive, and you need an experienced real estate agent to help match the best homes with the right buyers.
Whether you’re buying or selling, you’ll get a better deal with a real estate agent working to make sure it happens and looking for homes with your particular needs in mind.
Don’t try to manage this volatile housing market alone. Contact Great Florida Homes and get paired with a real estate agent that will tune in to your needs and make sure you’re getting the deal you’ve been dreaming of.
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