Tuesday, April 11, 2023 / by Abby Kurtz-Lendner
Southwest Florida and the Real Estate Market TODAY
The real estate market is currently experiencing an unusual cycle. Typically, the market moves between a buyer's and seller's markets, but the situation now is different. Both the supply and demand have decreased. According to a Redfin study, new listings dropped by 21.8% year-over-year during the four weeks ending April 2, one of the most significant declines since the start of the pandemic.
One reason for the decrease in supply is that many homeowners have no desire to move as they have secured generational-low mortgage rates in recent years. While interest rates have fallen for four consecutive weeks, they are still twice as high as before 2021. Homebuyers who are not deterred by current mortgage rates quickly purchase new listings. Almost half of the homes that go under contract are sold within two weeks of listing. This is an increase from about 25% at the beginning of 2023.
Redfin Deputy Chief Economist Taylor Marr believes that elevated mortgage rates may discourage potential . ...
One reason for the decrease in supply is that many homeowners have no desire to move as they have secured generational-low mortgage rates in recent years. While interest rates have fallen for four consecutive weeks, they are still twice as high as before 2021. Homebuyers who are not deterred by current mortgage rates quickly purchase new listings. Almost half of the homes that go under contract are sold within two weeks of listing. This is an increase from about 25% at the beginning of 2023.
Redfin Deputy Chief Economist Taylor Marr believes that elevated mortgage rates may discourage potential . ...
