Advantages and disadvantages of the real estate market for the rest of 2022
The real estate market has been changing in recent months and this could bring advantages for you if you are still looking to buy or invest.
Since the pandemic began, it has become an arduous feat to buy a house in Florida. High buyer demand and a limited inventory of available homes caused home prices to reach all-time highs in bidding wars. However,
Disadvantages
The main challenge facing home buyers is still the low inventory of properties available for sale, although in the last two months there has been a slight increase, it is still being developed. well below the annual average of the last decade. This was perhaps caused by the low number of preconstructions that went ahead with their projects, after the market crash in 2008.
Advantages
The increase in mortgage rates has caused many potential buyers to give up on their investment projects since it exceeds the interest they initially had, therefore, a large number of homes that They were already under contract, they have been listed for sale again. You will clearly find more options now than in 2021.
Having inventory again available increases your chances since there is a greater variety of properties and the bidding wars are less intense than last year. To support this hypothesis, we will show below a graph obtained from the Association of Realtors (NAR) which shows, how in recent months the average number of offers that a property for sale receives is increasingly more ;s low.
If you have already tried He bought his house in Florida and lost his money. In the bidding war, this would be a good time to try again, the inventory number is greater, demand is lower, perhaps prices have increased, but the trend according to expert analysis is that Prices continue to rise by 2023, so Don't waste any more time, contact your trusted real estate agent and analyze all the possibilities you have today to make your dreams come true. .