Sunday, January 29, 2023

Difficult diagnosis on the real estate market in Florida and which is the most sought-after city to buy

During the months of the pandemic, Miami was the center of attention of those who wanted to change their place of residence in the United States. This situation generated a boom in the purchase of homes with a corresponding rebound in property prices. However, at present, new sales seem to have stalled due to a better outlook for real estate investors.

For perspective, 2022 was not the best year for real estate agents in Miami. a sales report noted Homes and condominiums in South Florida decreased by 20% in the last 12 monthsAccording to data from the Association of Real Estate Agents of Miami, 32,627 properties have placement vests, compared to 39,394 transactions that closed in 2021. the new herald,

In December 2022, The median price for a home for sale in Miami was $530,900., while apartments were offered in the US$374,500 range. That’s “slightly higher than a year ago and the second lowest monthly figure in 2022,” according to the article signed by journalists Rebecca San Juan and Michael Butler. it confirms the market that drove the pandemic weak at the end of last year

The average price of an apartment in Miami at the end of last year was US$374,500Camillo Corsetti Antonini / Unsplash

The dire situation in the sale of properties is not exclusive to Miami. Broward County also reported a 19% drop in the signing of real estate contracts, where 32,573 were recorded last year, compared to 40,423 in 2021. Similarly, despite the stagnation in sales, The median price of homes and condos also increased Compared to last year.

There was also a break on the sale of houses. the new herald reported a parallel phenomenon with respect to the increase in rental prices, Which adds an additional factor that makes Miami increasingly expensive to live in.

Even with this drop in sales and a rise in interest rates, the outlook for the real estate sector in Miami and surrounding counties still looks grim. Florida State University (FSU) academic Maria Latin told the local paper that buyers and sellers are in different situations here and in many parts of the country. However, this could also be an opportunity for those who are ready to invest when prices normalize.

Florida Real Estate Experts Forecast Real Estate Market To Be Less Competitive In 2023
Florida Real Estate Experts Forecast Real Estate Market To Be Less Competitive In 2023T / Unsplash

“If a seller is patient, he will not make a transaction that falls short of his expectations. If sellers feel that reality does not match expectations, they will simply wait,” said the expert, speculating that that prices “will remain high for a few months before reality hits them.”

a factor that could Revitalizing the Miami real estate market are interest rates, So far, Federal Reserve policy has led to higher mortgage rates, but according to expectations, these steady increases may be nearing an end. The Freddie Mac mortgage lending agency last Friday reported an average rate for 30-year loans of 6.15%, nearly double the rate set for early 2022.

In a projection for this 2023, a page specializing in real estate Zillow They put together their forecast for real estate markets across the country, analyzing the top 50 they analyzed and comparing them on data such as price, inventory, function and more. according to the report, the city of miami was ranked eighth, where interest rates on properties have increased or remained the same. The list of the most popular was composed of:

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