15Jul Florida Housing Market July 2023 by Lee Seward Housing Market Buyer or Seller Market? Nationwide people are moving out of high tax areas. With all of the click bait on high interest rates and housing bust, data still shows migration of people moving from high tax areas to lower cost of living areas. Many people are claiming that 7% interest will become the norm and housing pricing will start to increase again. Here is an interesting article from RedFin. Tampa and St. Petersburg Florida have low inventory with prices gradually increasing across the area. This is the same in other areas along the Gulf Coast. Relocating from the tri-state area you will find that Gulf Coast home prices are affordable while the cost of living is also much lower. Warmer climate allows for more outdoor activities and increases quality of life. The new homes have been constructed to withstand hurricane force winds and mitigate damage. Impact rated windows and doors, masonry exterior walls, and first floor living areas elevated well above the floodplain reduce storm damage. Click here for more info. If you are interested in learning more about the area please contact us, we would be happy to answer any questions and we have a select few realtors who would be able to help you find your Florida home. Iridium Development Inc 561-597-0021
28Jun Mortgage Rates Decline Again by Lee Seward Housing Market Rates as low as 6.67% Housing Market We are in a Recession, Housing Bust, Foreclosures Rising This is the click bait you see today. The prediction to where the economy and housing market is or going remains open and optimistic by most. Commercial property loans are in trouble, this will continue as office buildings remain partially occupied across the U.S. some say it will be troublesome through 2040. Some economists are looking at the Treasury yield bond curve that inverted July 5, 2022 and remains inverted showing indication signs that we are going into a recession. Past history shows that when this happens approximately 15 months later the economy goes into recession. The Federal Reserve is adamant of curbing inflation and bringing it down to 2% from the 4% metric this past May. Foreclosures So much unknown, yet there is a lot of known information. We are on the edge of a buyers market today however, well priced homes are still selling quickly. Inventory is down and has been for years now. If you are ready to purchase a home or second home, be smart. Search out the A+ locations, you do not want to be the most expensive home in the area. You can also add equity or buffer your investment by purchasing a home then improving it. Rather than spend up to purchase something someone else improved. Find that home (in an A+ location) that has potential, hire your General Contractor and build your dream. By renovating or building you are creating your own equity buffer. With all of the click bait, housing goes up and some years it decreases but in the long run it appreciates. Be smart, buy right and you will create your own equity. If you are looking for a home in Florida and want budgets for renovating give us a call. We can also connect you with one of our trusted realtors located all over the Gulf Coast. Iridium Development 561-597-0021