Housing Market Update

Interest Rates Go Down!

After weeks of interest rate hikes, we are finally seeing a dip. Mortgage rates have dropped from 5.7% to 5.3% in the last week (for a 30-year fixed rate mortgage).

This dip is most likely due to a decrease in demand for mortgages, which is due to fears of a recession. However, if you're looking to buy soon, talk to your lender about locking in those rates, as it might be a good entry point.

More Listings!

The amount of listings in NE Florida have nearly doubled in the last month! This is another amazing sign for buyers, as there are more houses to choose from, and there will be significantly less competition when writing an offer. Not only are there more houses for sale, they are staying on the market longer, and selling closer to market value.

Equity Gains

The average US homeowner gained $64k in equity in the first quarter of 2022 alone, while the average Florida homeowner gained $90k in equity (CoreLogic). Florida might be the exception to a long-term slowing housing market. The Florida Chamber of Commerce predicts an influx of 3.5 million new residents by 2030.