Changes in the residential housing market

On Behalf of | Jul 17, 2022 | Real Estate Law |

For an extended period, buying a home was one of the most complex transactions to complete. Housing prices were up, the competition was fierce, and many potential buyers in Florida found it difficult to meet their real estate goals. However, there are signs that could indicate that potential buyers and sellers will want to prepare for even more changes in the residential housing market in the next few months. 

From hot to cold 

Just a few weeks ago, the housing market was booming. Open houses would attract dozens of potential buyers, and there were often bidding wars over properties. Now, however, real estate experts say they have seen a dramatic decrease in the number of interested buyers and offers made on property for sale. One reason for this may be the higher mortgage rates on top of extremely high home prices. 

Most experts believe the housing market is rebalancing, which could be a positive thing for the average homebuyer. This could mean the balance between sellers and buyers may become more even, and buyers may find that they can move more slowly through the purchase process instead of rushing to make an offer. It will also continue to be important to have experienced legal guidance at every step. 

Protecting long-term interests 

A buyer will benefit from knowing how to protect his or her interests when buying a home. Because of the housing market, it is more important than ever to have experienced guidance when making this important decision. A Florida real estate attorney can help one make choices that will be prudent and practical.  

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