Starr Mortgage says the market is leveling out. With interest rates inching higher, the balance has been restored to the housing market. According to redfin.com, homes in Florida stayed on the market for a median of 24 days before being sold. This change is bringing relief to those in the market to purchase real estate in Florida. Additionally, sellers are dropping their prices in order to sell. Even though Tampa saw its home prices increase year over year, 44.5% of sellers in Tampa lowered their prices in June before a contract was accepted. Florida mortgage brokers are ready and willing to help potential buyers secure financing before shopping for a home.
Florida remains a hot market for home sales and Florida mortgage brokers. According to data provided by CoreLogic HPI for June 2022, Florida and Tennessee posted the highest home price gains, 31.8% and 25.8%, respectively. Arizona ranked third with a 24.9% year-over-year increase. Washington, D.C. ranked last for appreciation at 3.4%.
The benefits of owning a home in Florida continue to draw people to the state. The state of Florida doesn’t collect individual income taxes, and in 2005 it eliminated the estate tax or “death tax.” They also have strict property tax and asset protection laws, providing more security than you’ll find in another state. Of course, the beautiful warm weather is a big draw for many potential Florida residents. With ten months of outdoor-friendly weather, who wouldn’t want to own their dream home in Florida? There’s plenty of time to enjoy Florida’s many bodies of water or the ocean, enjoying water sports, hiking, or any of the popular parks and attractions.
Once again, Tampa, Florida, recorded the highest year-over-year home price increase of the country’s 20 largest metro areas in June, at 32.6%, while Phoenix retained the second slot at 26.1%. Following the nationwide trend, both metros saw annual home price gains slow from May. Homes in Florida are showing that they will hold or gain equity, providing security and confidence to invest in real estate.
Now is a great time to let a Florida mortgage broker know that you want to purchase a home in Florida, as the market is matching the pace of the pre-Covid pandemic time period. This means that properties are staying on the market for a longer period of time, allowing for consideration and avoiding bidding wars. If you are thinking about a real estate investment in Florida, Starr Mortgage has the experience and knowledge to get you the best mortgage possible.