A New Perspective on the Housing Market
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The housing market in 2021 and part of 2022 was anything but normal. Mortgage rates were at all time lows and may never reach those levels again. Double-digit appreciation drove prices to new heights. Low inventories fueled by high buyer demand made multiple offers a normal expectation.As we look at the market snapshots provided by MLS in the various markets across the U.S., it appears that things may be returning to normal, but not necessarily in all areas. While there are more homes on the market now than a year ago, there are less sales due primarily to the doubling of mortgage rates in 2022.Time on the market is lengthening but that can be explained by the removal of approximately 15 million homebuyers who now have affordability issues. When the market shifted, sellers expectat...
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