If you’re considering buying a new home, you may be waiting for mortgage interest rates to drop.
And while South Florida tends to go its own way when it comes to national housing trends, one real estate expert says we may still see some relief next year.
Mortgage rates are expected to decline steadily next year, according to Redfin’s 2024 housing forecast.
The online real estate company predicts that 30-year mortgage rates will drop to the 6% range, which is good news for potential homebuyers.
“Interest rates are already going down, and interest rates and that little bug, the realization for buyers, especially first-time homebuyers who have been sitting on the sidelines for over a year for rates to go down, are already pulling the trigger, maybe you are too. You would think so.” “The hype is that now is the time to buy,” said real estate broker Elisha Lopez.
Lopez, the broker-owner of a Florida real estate company, told NBC6 that increased demand could impact prices.
“We have more inventory now, but if the market gets flooded again with buyers who are just starting to look and buyers who have been waiting, then of course prices will go up. Demand is very high again. ” said Lopez.
Redfin expects the number of new listings and home sales to increase in 2024, and as the risk of natural disasters drives up the cost of home insurance, parts of coastal Florida such as Cape Coral will He said he expects prices to fall significantly.
Still, Lopez expects Miami to continue to be a highly competitive housing market.
“Southeast Florida has always been a unique little spot, a completely different market than any other place in Florida or anywhere in the United States,” Lopez said. Being in Miami. ”
So if you’re looking to buy next year, especially if you’re buying a home for the first time, be sure to contact a real estate agent who can guide you through the process.
Lopez said there are still plenty of financing options available to help people looking to buy their first home, and they may even find sellers willing to cover closing costs.
This is especially likely to happen if the listing has been on the market for a while.
And her final tip is to negotiate. Lopez said that even in a competitive housing market like South Florida, there’s always room to negotiate a better deal.