Home Business Positive signs for the upcoming year in real estate

Positive signs for the upcoming year in real estate

by The 100 Companies

2023 was an interesting year for the local real estate market. With mortgage interest rates climbing to roughly 8% in the fall, many buyers delayed or changed their search parameters.

The ultra-low interest rates from previous years also impacted potential sellers in 2023. Homeowners who secured a low interest rate in the 3% range were reluctant to list their property for sale and purchase another property at today’s higher interest rates.

Going into 2024, we are in a better position with a rising inventory of homes for sale, coupled with mortgage interest rates that have started to come down since October.

– Mike Hughes, Downing-Frye Realty, Inc.The SWFL 100

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The South FL 100