In Florida and elsewhere around the country, purchasing a home has proven difficult as many prices have risen to excessive levels while inventory remains low. Demand had far outpaced supply, and bidding wars were not uncommon. While it may remain relatively difficult to purchase residential real estate for a period, there are signs that may indicate that trends are changing, leading to a slowdown in the real estate market.
Will it be easier to purchase a home?
It is possible that the market is changing because there are many properties coming onto the market now or soon. This means that supply may more closely match demand, which in turn will lead to lower home prices. Another positive sign for those hoping to buy a home is that the sale of existing homes has been gradually decreasing since the beginning of the year.
In April of this year, there was a record number of single-family homes under construction. As these homes near completion and come on the market, it may ease the housing shortages in some areas. According to the Census Bureau, there are approximately 826,000 homes under construction currently.
Protection when buying a home
Buying residential real estate can be a complicated process. A Florida buyer will benefit from working with an experienced attorney at every step of the home-buying process. This guidance may help one have additional protection during this legal and financial transaction, reducing the chance of setbacks and complications