During the past few quarters, experts have raised concerns about how the United States’ housing slowdown would impact the economy. However, the housing slowdown appears to be ending. This is especially great news for residential real estate sellers in Florida and elsewhere.
The real estate market began to soften last summer. At this time, an increasing number of homes entered the market, but fewer sales occurred compared with years past. However, there are now signs that this trend may reverse by the fall season.
In other words, this fall, home prices and sales may experience an uptick. This is especially the case if the mortgage rate remains low — below 4%. One of the main reasons the market is on an upswing, outside of the low interest rate, is that the quantity of houses available is anticipated to drop in the future. Because supply will drop, demand will increase, and prices will follow suit.
Now appears to be an excellent time for sellers to market their homes in the Sunshine State. At the same time, buyers are in a good position to shop for homes due to the currently low interest rate. Either way, the process of buying and selling residential real estate can understandably be complicated, especially for those who have never gone through it before. Fortunately, an attorney in Florida can guide both buyers and sellers through their residential real estate transactions, making sure that their best interests are upheld as they try to get to the closing table.