🏡 Rising Interest Rates to Slow Florida Housing Market ❓ Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Dated: May 7 2022

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Experts offer mixed views.  Some say moderately priced-home sales won’t slow yet due to low inventory; others expect impacts from stocks to the housing market.

Florida Realtor Magazine 2022 05 06 30 Rising Interest rates to slow the Florida Housing market after Ukraine Russia China COVID19 coronavirus plandemic and Biden Administration Changes Barry Hoey 239RealEstateDeals.Com LLC

TAMPA, Florida (WFLA) – The Federal Reserve announced a .5% interest rate hike on Wednesday aimed to combat skyrocketing inflation.

Many are wondering what impact rising rates will have on the booming housing market, if any. According to experts, it’s a mixed answer.

For moderately priced homes, it will likely not slow down sales in the near future, they said.

“We’re still very depleted as far as the number of houses available for people out there. So, I think even if prices might begin to plateau out a little bit, I think the demand is going to be there for a little while, so we’re going to see prices grow and also see houses move pretty quickly,” said Stephen Gay, a Realtor® with the Stephen Gay Group at Smith and Associates.

For the more expensive homes, Gay said he is already seeing sales slowdown in recent weeks.

“Above $1 million it used to be, even two months ago, you could throw a crazy number out there and you could get multiple offers and it might even go higher than that crazy number. Now I think buyers are getting more data conscience and looking at what things are really worth, rather than being so desperate to get into anything,” said Gay.

With the price of mortgages climbing, and now expected to jump even higher with the fed raising interest rates, consumers will have to pay even more for their dream home.

“Every percent increase in interest rate decreases your purchasing power by 10%. So that’s a huge impact especially for people especially with these really high prices,” said Gay.

“This tremendous growth we’ve seen in real estate is going to start to tap down a little bit,” said Stephen Overton, a financial advisor with Ameriprise Financial Services.

Overton believes higher interest rates will be felt across the board, from stocks to buying a car to the housing market.

“When you’re looking for a house, the mortgages are now 4% to 4.5%, you can afford less house. That slows down demand for houses. and increases the cost for a mortgage, which will hurt housing,” said Overton.

Yet, experts don’t predict much of a price break anytime soon for homes under a million dollars in Florida.

“In any market it’s always location, location, location, and right now Florida is the location to be. So we definitely will not get hit if there is some kind of slowdown in the market like other areas of the country might be,” said Gay. “The problem I think in the lower price point is builders buying and tearing them down, and building back houses, you also have a lot of large investors that are buying them for rental properties, another thing that’s taking a lot of houses off the market is Airbnb’s.”

👉 The Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ serves all of Lee County and Collier County, including the Gulf Coast Islands here in Southwest Florida where we have 7 of 10 hot market projections for 2022.  We Directly Help / Serve Sellers and We Directly Help / Serve Buyers; sometimes helping both in the same transacton.

Recently as Listing Agents, Barry & Kim with the Hoey Team; 239RealEstateDeals.Com LLC ☘ helped a number of sellers who had been in Foreberance and in similar situations; we were able to get all of them to a "good place"; worry free & stress free; with excellent end results for them.  Also, Kim is a certified stager which helps us additionally on all of our listings.

We help people in many different situations; everybody's situation is different; if you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; anytime; we continue to achieve and set record setting sales prices in the communities where we list and sell ☘

We also offer a private, custom Concierge Service, if their property needs work 🍀  For every property situation, we have a solution / solutions ☘

As people continue to move in great numbers and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA 🌴  239RealEstateDeals.Com LLC had blanket coverage of Southwest Florida and most of Florida for that matter by being active members of four different MLS systems.

Inventory remains low overall as homes sell quickly; we do continue to list and market new South Florida property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing / evolving. 

Lower interest rates (even with recent small fluctuations) are also a contributing factor to the increased sales; oftentimes well over asking price.  Low inventory is still the greatest chalenge for buyers who are not prepared; but if prepared you are ahead of the game; ask how we can help with all of that. 

We recently got a number amazing deals for buyers; even in this Hot Sellers Market; and we are working on others; so there are deals out there; if you work with us, we will find them for you. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm thankful that we already had systems in place to better help sellers and buyer with goal posts continually moving within our industry.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team, 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more details; Call 239-360-5527 ☘

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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number one state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

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Best Places to Retire? 13 of the ‘Top 25’ Are in Fla â˜˜ Hoey Team; 239RealEstateDeals.Com LLC ðŸŒ´ Southwest Florida ðŸŒ´

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ 239RealEstateDeals.Com LLC

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