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What to expect when buying a house in 2023

On Behalf of | Jul 6, 2023 | Real Estate

Whether you’re looking to buy or sell a home in Florida, you’ve probably realized how competitive the housing market is. There are a variety of reasons that people continue to choose the Sunshine State, leading to a large number of homebuyers constantly flooding the market. If you’re considering buying a home in Florida in 2023, there are some things that you should expect.

Flattening home prices

Real estate prices soared over the last three years, dating back to the middle of the pandemic. The National Association of Realtors (NAR) predicts only a 0.3% rise in home prices this year, which is significantly lower than the last few years. In contrast, 2022 saw a year-over-year increase of 9.6%.

Buyers having more power

A year ago, sellers got to call all the shots in a real estate transaction, leading many buyers to stay on the sidelines until things returned to normal. While some markets continue to favor the seller, buyers have more power today than they did in 2022. This is great news for buyers who want to negotiate prices, contingencies, concessions and other crucial parts of a real estate transaction.

Some stability in mortgage lending

Mortgage rates doubled in 2022, creating a market buyers typically wanted to avoid. In January of last year, mortgage rates hovered around 3% before ballooning to 6% in December. Unlike last year, most market experts believe that interest rates will remain between 5.8% and 6.2% throughout this year.

The real estate market is constantly changing and evolving, especially in Florida, where real estate is in high demand. Homebuyers who get the best deals on Florida real estate shop around for the best mortgage rates, choose a good realtor and remain willing to negotiate about every part of the transaction.