How Are House Prices Likely to Change in Florida in 2023 –- and What Will That Mean for Your Mortgage?
By Space Coast Daily // December 12, 2022
There is little doubt that fluctuations in the housing market impact everyone’s home selling or buying plans. But this dynamic is brought to even higher levels in extremely sought-after areas like Florida.
And, as the market has undergone a significant transformation over the past years, it is only legitimate to wonder what’s going to happen next – and whether this is the right time to buy or sell your home!
So, let’s look at the housing market predictions for 2023 and how these will impact your mortgage.
Florida’s Housing Market at a Glance: How Will It Change in 2023?
Buying a home in the Sunshine State is a dream of many but, as the real estate market continues to soar and inflation rises, this goal has become a difficult one to attain.
According to statistics by Zillow, the average house price in Florida stands at a whopping $406,876, marking a 25% increase in just 12 months.
And, data shows that nearly 30% of real estate properties sell for 3-7% above the price list.
What’s more, the housing market remains hot, and properties are only on the market for an average of 24 days – or, 16 in the case of highly coveted homes!
On the other hand, predictions for 2023 show that Florida, alongside California, will experience the biggest decline in sales volume across all states, especially in hubs such as Bradenton and Tampa.
Meanwhile, house prices are expected to continue growing, but at a slower pace to adapt to the growing inventory of properties available.
How These Changes Will Impact Your Mortgage
If you are wondering whether these changes should impact your plans to buy, sell, or refinance your property, the answer is a resounding yes! Here is what you need to keep in mind.
Finding a Great Mortgage Deal Online
If you are looking to buy a home, one of the critical aspects to look into is your mortgage rates.
Today, over the past months, interest rates on home loans have grown consistently and, today, they are at a historical high of 7.32% for 30-year fixed mortgages.
Nonetheless, you can still find convenient home loans and mortgage deals online offered by lenders such as loandepot.com. These loans are customized to your financial needs and goals, making it easier for you to afford your dream home.
Selling Your Home Fast
If you have been looking for the right moment to sell your Florida home, this might be a great time.
As we have seen above, the market is still hot, which means that you’ll be able to maximize your home’s asking price when selling and see your property being snatched off the market in a matter of days.
But while we are still in a seller’s market, don’t forget that the competition can be fierce! If you are looking to sell your home fast, make sure to partner with an experienced estate agent, research the market in advance, and provide competitive tools such as virtual tours.
Consider Refinancing Your Mortgage Before Interest Rates Increase
There is no doubt that your real estate property is a reliable and long-lasting asset in your portfolio. But don’t underestimate how much the market’s fluctuations can impact its inherent value.
According to a forecast published by Realtor, house prices are expected to continue growing at a much slower pace, and interest rates are set to rise higher.
Depending on your existing mortgage and current finances, you might look into the benefits of refinancing your property.
Make sure to consult a financial advisor to have a better idea of what to expect from this financial move.
More Homes To Choose From
Over the past years, low inventory levels have been one of the main drivers behind skyrocketing house prices. However, as the industry works to close the gap between supply and demand, more homes become available at lower prices.
So, if you have been in the market for a custom-made or new property, this might be the best time to buy!
