As Mortgage Rates Fall, Should Miami Buyers Expect a Balanced Market in the Future?
The month of November brought good news to potential Miami homebuyers. Mortgage rates fell to just above 7 percent when they were hovering just below 8% amid concerns that they would increase. The downward motion of mortgage rates may be a sign that purchasing homes in 2024 may be a little less challenging. Does this mean we could finally be headed for a balanced market?
There is more than just mortgage rates to consider in the overall condition of the real estate market and determining whether the market favors sellers over buyers or is on its way to becoming more balanced.
Let's take a look at where the housing market is on a national level and what it might mean moving forward.
Prices are rising
As mortgage rates decreased home values increased. The national median price of a home for the week ending November 11 increased 0.7% from last year's numbers. And prices have been remaining flat or growing very slowly since mid-July as compared to the previous year.
An increase in new listings
New home listings increased as well for the week ending November 11 by a surprising 6.4% from the year prior. For a couple of years, home listings have been very low compared to the last decade. In the last few weeks, there has been an impressive increase in the amount of properties for sale. A pick-up in new listings is greatly welcomed to help relieve the very low inventory of homes for sale for some time.
Though the rise is a small one compared to what would be needed to balance the market back out this is positive news. This increase broke a 20-week streak that saw a lower inventory of homes for sale as compared to the previous year. Housing inventory is still on the low side but this does bring a glimmer of positivity to the real estate market numbers.
Looking at these numbers one could say that we might be getting closer to seeing a balanced real estate market. But a true real estate expert would tell you there is no way to accurately predict if we will remain in a seller's market or if the tides will turn to a more balanced real estate market. The best way to know if it is a good time to buy a Miami home is to talk over local real estate statistics with a trusted local real estate agent.
A local agent can help you determine your affordable Miami homebuying budget and discuss the real-time market numbers with you. Realistically no matter the market conditions if you are in the position to purchase a home any time is a good time to buy.
If you are hoping to purchase a home in Miami I can help. Let's discuss your homebuying goals, your purchasing budget, and your ideal dream Miami property. We can look over all of your wants, needs, and abilities with purchasing a home in Miami. I am here to help you find your best homebuying strategy and purchase a Miami home that you will love without buyer's remorse.
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