April 14, 2024

FORT LAUDERDALE – Whereas housing prices have cratered in different components of the nation, the South Florida actual property market stays robust and there are indications 2023 might be one other good 12 months. 

Take Jim Matz. He bought his oceanfront apartment and now desires to purchase a home in Broward county.  He is been wanting a number of months however for the reason that begin of 2023 he is seen a change “there’s much more available on the market, and costs have gone down” he says. 

On Wednesday, Matz was taking a look at a Fort Lauderdale dwelling in Coral Ridge, a suburb north of downtown.

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The asking value was about $1.2 million, however the same dwelling throughout the road bought for 1.7 million final 12 months.  

“The costs are down from final 12 months but when priced proper some persons are getting the asking and past,” says longtime realtor Sarah Regensdorf. 

Regensdorf has seen one other pattern in 2023.  

“Final 12 months, folks financing have been boxed out by money patrons. And this 12 months they’re keen to take a look at folks financing and with versatile phrases,” she says. 

“Rates of interest have actually come down,” says senior mortgage officer Michele Smith whose workplace is in Plantation. 

Smith says if in case you have good credit score, you will get a mortgage under six %.

“You will have this slender strip between two our bodies of water however everybody nonetheless desires to come back to Florida. So, it is good for actual property,” she says. 

Reasonably priced housing stays an issue. Lots of the brand new stock in South Florida continues to be the higher-end houses in extra of 1 million {dollars}. There aren’t as many obtainable within the $500,000 vary. 

Florida’s Hometown Heroes Program, which provides home-buying incentives for police, hearth and lecturers continues to be obtainable. 

Jim Matz is optimistic he’ll discover the fitting match. “I simply do not wish to overpay and lose cash if I’ve to promote and the market drops,” he says. 

SEE ALSO: These 10 U.S. cities provide homebuyers probably the most bang for his or her buck