NEW YORK – Some suggest that the hot housing market is slowing down as mortgage rates rise and inventories increase, but the reality is that the demand for houses still outpaces supply, according to experts. There’s a change – and overall demand may have fallen – but there are still more buyers than sellers.
There are signs, however, that home prices will begin to plateau or slow, as sellers reduce their expectations and sellers look for deals.
“There are several indicators that the national housing market is rebalancing in a more buyer-friendly direction,” says Realtor.com Chief Economist Danielle Hale, but “in these top 10 markets with the biggest price growth, we’re generally seeing signs that the rebalancing seen elsewhere has not progressed as far.”
The top 10 cities where house prices continue to rise are:
- Miami, with year-over-year price growth of 36.2% in July
- Memphis, Tennessee (32.7%)
- Omaha, Nebraska (31.3%)
- Wichita, Kansas (25.2%)
- Greensboro, North Carolina (25.1%)
- Honolulu, Hawaii (23.5%); Grand Rapids, Michigan (23.2%)
- Milwaukee, Wisconsin (23.1%)
- Tulsa, Oklahoma (22.8%)
- Harrisburg, Pennsylvania (22.3%)
“Eight of these 10 markets have median home list price well below the U.S. average,” Hale says. “The two exceptions, Miami and Honolulu, are warm-weather spots benefiting from ongoing remote work trends and the resumption of domestic and global travel.” Source: Realtor dot com (08/09/22) Pal, Meera
👉 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 had 7 of 10 hot market projections for 2022. We Directly Help Sellers and We Directly Help Buyers; sometimes representing both in the same transacton with everyones best interests in mind.
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 "very 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 / serve people in many different situations; everybody's situation is different even in a hot sellers market as we recently had.
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 excellent results in the communities where we list and sell utilizing our Experience, Systems and Tools.
Sadly for some time we see a number of sellers who are not keeping up with the changes locally; putting their homes on the market and selling them for than what the market is still able to bear at this time. Additionlly; selling a home the first day on MLS may not guarantee the best price for the seller as many homeowners had been doing. Please call Barry at 239-360-5527 for more information on this.
We offer a confidential / private, custom Concierge Service, if their property needs work 🍀 For every property situation, we have a solution / solutions with a proven track record ☘
As people continue to move 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 directly serve all of the area; which we do, efficently. We have the ability to offer many different Choices and Lifestyles all of which are in abundance here in SW FLA, 239RealEstateDeals.Com LLC has blanket coverage of Southwest Florida and most of Florida for that matter by being active members of four different MLS systems.
Inventory remains steady, but low overall; 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 / Gulf Coast.
We continue to see many people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds working from home. Previously we had Snowbirds; interesting how terminology keeps changing / evolving.
Interest rates increases are sadly driving many buyers out of the market place, we do see price reductions on some overpriced / under marketed listings. Even with the recent 0.75% interest rate hike, buyers are still looking, though not as many as before.
Low inventory is still a chalenge for active buyers who are not prepared; but if prepared you are ahead of the game; ask how we can help with all of that. We do see more listings coming to the market here in Southwest florida, so, that is good.
We recently got a number amazing deals for buyers; even in this recent Hot Sellers Market; and we are working on others as our market shifts. There are deals out there; if you work with us, we will definitely 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 / profession.
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.. Our business is based on referrals from past customers, friends, and Realtors.
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Best Places to Retire? 13 of the ‘Top 25’ Are in Fla ☘ Hoey Team; 239RealEstateDeals.Com LLC 🌴 Southwest Florida 🌴
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