As real estate professionals, one of the most common questions people ask us is, “How’s the market?” Today, we’ll be bringing you the answer.
In our local real estate market, we’ve currently got more buyers than available homes. This has created a high level of demand, especially among first-time homebuyers.
The housing supply continues to be increasingly tight, with 10% fewer homes than what we saw this time last year. This means we’re currently in a seller’s market, where multiple offer situations are common.
So, if you are looking to sell, now is the perfect time. The median sales price of single-family homes remains on the rise in Florida, with a year-over-year improvement of 6.5% as of January 2018.
With regards to interest rates, the 30-year average mortgage rate is now over 4.25%, and we may see interest rates rise in 2018. However, they are still currently very low. This increase is unlikely to diminish the number of buyers in the market, but it could cause inventory to drop even lower.
But, don’t worry. As a whole, our South Florida real estate market is still very healthy overall. Our team is currently working with some amazing sellers who are about to list their homes.
If you have plans to list this year, you might be surprised to learn what your property is worth. You can find an estimate of your home’s value here.
If you have any other questions, would like more information, or would like help achieving your real estate goals for 2018, feel free to give us a call or send us an email. We look forward to hearing from you soon.