With 2022 coming to a close, lots of people are wondering what’s in-store for real estate in Florida for 2023. Will the market still be extremely hot and prices high, or with the increase in mortgage rates, will there be a cool down?
Here are a few predictions:
The Housing Market Demand Will Still Be There in 2023
Even with the increased interest rates, many people will want to come to Florida not only because it has great weather but because it has a relatively lower cost of living compared to other states, especially in the Northeast and West Coast of the country.
Investment Properties Will Be Extremely Popular in 2023
This will for sure be the case when it comes to South Florida. Cash-flush investors are still snatching up properties and renting them quickly.
Inventory Will Continue to Be Low in 2023
Even with many predicting a recession in 2023, people still need a place to live and Florida has become a popular place to move to – for both domestic and international buyers and for a variety of reasons. With the demand continuing to be stable, inventory will still create slim pickings for many buyers, and options for many will continue to be limited.
While these are just predictions and not guarantees, only time will tell if they will come to fruition or not. Should you have any questions on the current real estate market in South Florida and need help with recommendations, feel free to reach out to us at Alliant Title & Escrow. We would be happy to help.