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Is it Really August?

or are Julying to me?

Published on August 4, 2023 by Helen Meeks

preston and sherrill with their dog in front of classic cars

What is causing this real estate slowdown? Why won’t my house sell? Are we approaching a recession? Home sellers have lots of questions as we continue through the 4th quarter.  But a major, sustained downturn or “crash” appears unlikely at this stage. In fact, the Florida real estate market is expected to remain strong in 2023 and 2024, with continued demand for homes and steady price growth, according to Realwealth. However, forecasts suggest the Florida housing market will slow to a more sustainable level of home-price growth.

Significant population growth is fueling the demand for homes, especially in the cities and the Florida real estate market is expected to experience slow-but-steady price gains into 2024. Florida became the fastest-growing state in the country during 2022, according to the U.S. Census Bureau. This influx of new residents has increased demand for housing, at a time when homes remain in short supply in many cities, based on a report in MetroDepth.

Dr. Brad O’Connor, Florida Realtors Chief Economist, explains that the decline in closed sales that began over a year ago, can be attributed to the persistently high mortgage rates ranging from 6% to 7% for 30-year fixed mortgages. While the immediate future does not indicate a significant worsening of sales, there is also little evidence suggesting a substantial improvement, either. The housing market appears to be waiting for a pullback in interest rates, which, according to the latest statements and actions from the Federal Reserve, might still be several months away, causing house buyers to postpone their purchases.

Overall, Norada Real Estate Investments maintains that the Florida housing market is strong and is predicted to remain so in the next five years. If you’re a seller, this is wonderful news since it implies property values are rising and there isn’t much selling competition. If you’re selling a home in Florida this year, the odds are good that you’ll come out ahead financially. Real estate prices and mortgage rates are rising, and the few affordable houses that remain are being snapped up quickly.

Despite some warning signs earlier this year, there are plenty of economists and analysts who say the U.S. economy is simply too healthy now for a recession to be imminent. The housing market appears to be in good shape for the foreseeable future and this is an excellent moment for real estate investors, particularly those interested in Florida, to capitalize on market possibilities. This is good news and we are holding on to these positive thoughts as we proceed through the end of the high tourist season here at The Forgotten Coast.

Sunniest Regards,

Brian K. Burkett and Preston Russ, Brokers

Coastal Realty Group

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