As the population growth increases, the economy is starting to stabilize, thanks to an influx of new residents.
“Median sales prices for both existing single-family homes and for condo-townhouse properties rose in Florida during the second quarter – and that’s a trend we’ve been experiencing for quite some time,”
– Eric Sain, Realtor | Palm Beach
With new businesses being drawn to the area, median sales prices for homes in the area have increased by 3.3% since last year. Condo sales prices are up 2.9%. That means if you’re a homeowner in Florida, then your equity has likely increased. This means it’s a great time to sell – a “seller’s market”. Unfortunately, it’s not a great time to buy, unless you’re in the market for buying a foreclosure. The inventory is low and finding a lower-cost home is difficult for first-time-home buyers. The rental market remains high, with rents going up each year.
Interest rates are holding steady around 4.0% for a fixed-rate mortgage.
Interested in buying a home? Speak with one of our home buying professionals and get personalized service to finding the right mortgage for you.