The South Florida Real Estate Market Report

The South Florida Real Estate Market Report

Are you considering moving to the South Florida area? From the beautiful weather to the numerous outdoor activities, to lots of multicultural events throughout the year, to the freedom from state taxes, it’s no surprise that South Florida is a prime destination for homebuyers. But, relocating here can be challenging if you don’t know the area or the local market.

Whether you’re already a Floridian or want to escape Winter in the north, the state of the real estate market in South Florida can help guide your decision. Here’s what you should know – and how Great Florida Homes can help.

What To Consider When Moving to South Florida

Real estate markets are constantly shifting and evolving. Markets flip between buyer and seller as often as monthly and the financial state of the country as a whole also contributes to home prices and mortgage rates. So, we’ve highlighted the important things to know about the South Florida market before you start searching for a home

Interest Rates

If you’re not cash-rich, mortgage rates will play a significant role in your decision to buy. Higher interest rates mean you’ll pay more over the term of your mortgage, unless you refinance when the rates go down, so some people wait until rates decrease, if they’re able to.

Inventory and Growing Demand

Finding the perfect property for you, in a price range you can afford, often depends on the number of homes available for you to choose from. If there are more homes on the market, prices are less likely to increase due to the competition between listings and the options that are available. The same is true for demand – fewer buyers means sellers have to lower prices to close the deal.

Additional Costs

In addition to factors controlling the price of your home, Florida also often has other fees associated with owning a home that are worth considering before committing to a mortgage payment.

Florida is the state with the highest rate of homeowner associations at 45%, which often include an additional HOA fee that you need to consider. While they provide value for the cost, they may be a surprise for new homebuyers looking for the best deal.

Fortunately, your Great Florida Homes agent will be sure you’re informed of any additional costs so that you can take them into consideration.

Should You Buy A South Florida Home In Winter 2023?

Buying or selling a home is an exciting but stressful time, so you deserve an agent that will make the process as enjoyable and stress-free as possible – regardless of current market conditions.

If you’re looking to buy or sell a property in Ft. Lauderdale, Coral Springs, or the Greater South Florida area, get in touch with our Team today. We’ll help you find the best deals and maximize your property’s value in this fast-paced market.