Right now, the South Florida real estate market is thriving. The demand for condos, apartments, single family homes, townhomes, etc, is soaring. But, will the market remain like this?
Last month, property sales dropped a bit compared to July 2020. This drop could be predicting that the market is slowly stabilizing. According to experts, right now might be the peak of a current housing cycle. Right now, the biggest issue is that demand is really high, but there is very limited inventory in most markets. According to experts, this inventory issue might take a bit of time to solve. However, there are many new projects in the pipeline that are going to bring a lot more units to the South Florida real estate market.
Furthermore, interest rates are still low, which is one of the reasons why so many people are looking to purchase properties. Though rates might start to rise eventually, experts don’t believe that it will immediately cause a major correction in pricing.
In the last year, many people moved to South Florida. In addition, banks and lenders offered help for mortgage payments. Simultaneously, home prices rose and caused many people to experience a dramatic increase in the value of their homes. Because demand is so high, the market has become a seller’s market.
As long as Florida remains a tax friendly state, many individuals and businesses are going to continue to move to the area. Demand is likely to remain strong.
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