If you’re amongst those who are waiting anxiously for home prices to go down and jump into the market to make your buck, well you could possibly be waiting for a long time.
According to a summer forecast which was released this week, the chances of price declines in South Florida in the next two years are minimal. Experts in the industry claim that Palm Beach County has 4 percent chances of decreased prices by 2018. Broward County has 3 percent chance, on the other hand, Miami Dade along with the state of Florida has a 2 percent chance.
All these three South Florida counties have a reduced risk than a year ago. A renowned economist, Ralph DeFranco claims that we won’t be seeing a correction any near soon and that the chances of prices falling is minimal.
In order to determine risks, an expert mortgage insurer traces average home prices with the help of Federal Housing Finance Agency. The factors that are considered are affordability, unemployment rates, population changes, mortgages, etc.
According to real estate agents, South Florida’s housing market isn’t as frantic as the previous year. However, prices continue to go up and the trend shows prices to go up further. Buyers these days are looking for something different and are primarily concerned with having the best option which is why they are ready to pay extra money for it.
According to real estate agents, buyers who come from outside Florida consider the prices to be much cheaper in Florida and are willing to spend extra on their home. People coming from outside the state are giving the locals a tough time in battling prices.
Of course, the market will take a correction and the prices will go down but it’s too hard to say when.
Feel free to consult us for your mortgage concerns, we are available around the clock for you! You can contact us at 877-509-3160.