Many homeowners and potential homebuyers believe that housing prices in Florida and elsewhere have already gone as high as they can go. However, research shows that this is not the case. According to a brand-new report, residential real estate pricing is expected to grow even more next year.
Researchers recently said that housing prices should grow by more than 5% by next July. This is a dramatic change from what took place in 2019. The report shows that sales activity is indeed picking up, at least in a modest way.
A major reason for strong housing prices is that demand remains relatively high due to low mortgage loan interest rates. In fact, the mortgage rate has fallen during most of this year. It is not clear how much more housing prices will grow after next summer, assuming the predictions are correct. However, if the increase continues, prices will eventually recede.
In light of the recent report on residential real estate pricing, now is an excellent time to purchase homes — before they potentially rise in price over the next year. In addition, between now and next year also appears to be a good time to sell due to strong pricing possibilities over the next several months. Of course, navigating residential real estate transactions can be challenging because unforeseen circumstances can easily crop up at any time. However, an attorney in Florida can guide both buyers and sellers through their transactions with the goal of making sure that their best interests are protected.