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By Manny & Michelle Huertas
If you're wondering whether now is a good time to buy or sell real estate, there are a few factors you should consider. First and foremost is the inflation we're currently experiencing. Due to this inflation, interest rates have gone up. Although the Fed recently announced a pause in rate increases, mortgage rates have still been significantly impacted.
Another aspect to consider is your long-term plan. Are you looking to stay in the home for an extended period, or is this solely an investment? There are options for both scenarios, but for those planning to purchase a home in today's market, we recommend buyers to think about the timeframe they intend to stay in the home.
There's a cliché that has been circulating for some time: "Marry the home and date the rate." This rings true, as mortgage interest rates can be refinanced at a later date. However, there's no way to predict when rates will eventually decline. In Florida, home prices remain high due to low inventory and elevated interest rates, causing prices to stay steady.
If you're considering selling, weigh the same factors. Are you looking to downsize? Do you need to sell, or could you rent the home? Timeframes are also crucial; if you plan to stay in your future home for five to ten years, now might be a good time to buy. If you're interested in purchasing a home to fix and flip, the specific market matters, but overall, we're seeing low inventory for this purpose.
The bottom line is that if you're curious about navigating the current market, connect with a licensed Realtor® who can help you better assess your options and guide you toward a team that can develop a plan for your next steps. As Realtors®, we prioritize honesty and transparency with our clients regarding their home ownership or selling goals. We understand that relationships are vital, and we'd rather earn your business with trust and integrity than by making a quick buck.
If you're considering buying or selling real estate in Florida, be sure to contact us directly. We will take care of you and ensure that you have all the information necessary to make an informed decision for you and your family.