Where are we going with home sales in South Florida? Is this the time buyers have been waiting for?
Are buyers going to get a shot at negotiating a deal with sellers and not having to compete against a dozen other cash buyers? It looks like the Federal Reserve is granting buyers Salvation. With higher interest rates came a cooling of the buying frenzy. Buyers stopped and went “Wait a Minute” What’s going on here? Let’s pause and see where this goes….heheheh. We may be in for a nice little surprise…. Then it happened sales in South Florida have started to decline.
Taking stats from the Florida Realtors Organization sales compared to a year ago are down 17% for Single Family Homes, 21% fewer homes went under contract this month compared to this time last year and homes listed are up 13% from last year. Add the fact fewer homes are going under contract and you will see inventory growing to pre-pandemic levels.
What does this mean? Decline in sales. Longer Days on the Market for sellers. Sellers feeling the pinch. Will this be the start of a reversal of the tide and the market converting into a buyers’ market? Let’s keep our eyes out and I will report back.
Enjoy our site. Local Heroes will be getting shout outs on a regular basis so who will be our local Realtor Hot Shot? Stay posted my friends…..stay posted.
