Some people are still waiting for the market to crash.
While we cannot speak for what the rest of the country, we can say that we are seeing no evidence of the market crashing here in Florida, much less here in southern Florida nor on the Treasure Coast.
We are. however, seeing evidence that remote work is driving people to Florida by the boatload. Median home values across the state are up 33% compared to this time last year. Compare that to median home values nationwide at up by 18%.
While rising home values are deterring some seniors from making the move to Florida, the ability to work remote is driving those aged below 65 to make the move sooner. In some areas, elementary and high schools are at capacity. Many have waiting lists for those coveted spaces.
In addition, homeowners moving from California and from the northeast are coming from high cost of living areas. They can sell their multi-million dollar homes and come down to Florida and buy a 500k home for cash.
Combine that with homeowners that have purchased or refinanced in the last 2 years are holding on to their low interest rate mortgages, which will continue to affect inventory as long as rates remain high to combat inflation. And when Wall Street is a gamble, investors hedge their funds by investing more heavily in real estate.
We touched on all those points and statistics to say - we don't see a crash on the horizon. We are STILL in a seller's market, despite rising interest rates and price reductions.
If you choose to sell, make sure you are working with a REALTOR® that is familiar with current market statistics (we post these monthly 😜). The last thing you want to do is hire an agent that promises the moon to get the listing, but can't deliver.
If you would like to know what you could sell your home for in today's market, please don't hesitate to send us a DM. We are happy to help - no strings attached.
𝐒𝐭𝐮𝐚𝐫𝐭 & 𝐅𝐭. 𝐏𝐢𝐞𝐫𝐜𝐞 𝐎𝐟𝐟𝐢𝐜𝐞𝐬