As I’m sure some of you are aware, mortgage rates are on the rise. This wasn’t supposed to happen right away but rather over the whole year.
Here in Florida we’re seeing a very strange market. We’ve straddled the railing are on the fence. Home prices are still pushing the barriers but now the rates are reducing buying power for buyers. This means there will be less competition for the higher price brackets and more competition for the lower. My prediction is that the northerners coming down will be the only supply for higher priced homes and eventually it’ll run out.
By the end of the year, our prices should be lower than they are now or very to close to it.
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