There are several reports indicating that changes in Florida’s real estate market are making some rental property owners reconsider their investments. That will likely create buying opportunities for those interested in a vacation home. The infographic from Florida Realtors below illustrates some things for you to consider prior to making that purchase.
Closed transactions were down significantly when compared in October when compared to last year. Obviously, this year’s hurricane season played a role in that outcome. The question is whether that will continue. While the likely answer is “yes” to some extent, now is not the time to panic if you need to sell. There is still only around five months of inventory on the market, which means we are dealing with a market that is in balance. It really doesn’t heavily favor buyers or sellers. Putting your best foot forward will be important if you are buying or selling at this time as your leverage will most likely be limited. The infographic from Florida Realtors below contains more.
Florida Realtors has put together some helpful tips for home buying in the infographic below. As we are rapidly approaching our busiest time of the year, it’s important to do your homework if you want an optimal result.
For most people, purchasing a home represents the largest financial transaction they will undertake, and it is often viewed as a pathway to increasing net worth. According to CoreLogic, U.S. homeowners with mortgages held over $17.6 trillion in net homeowner equity in the second quarter of 2024. This equity grew by $1.3 trillion during that quarter, reflecting an 8.0% increase from the previous year.
Mortgage interest rates have been trending higher over the past 30 days, leading to potentially increased costs for new borrowers of approximately $30 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages stands at 6.54%, up from 6.08% a month ago. However, forecasts for future interest rate changes remain mixed as the recent short-term interest rate reduction caused a spike in mortgage interest rates.