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September has arrived and Labor Day Weekend marks the typical end of summer tourist season at the Forgotten Coast. People are now busy with back-to-school and getting ready for the busy last quarter holiday seasons that Americans enjoy so much. Real Estate activity typically drops off as well and so we settle down a bit prior to the end of year return of action.
Overall, we expect the residential real estate market to return to a similar look as in pre-pandemic days as supply and demand become more stabilized. Florida Realtors.
Mortgage rates slipped after climbing for the last month and a half, which is a modest relief for prospective homebuyers, but we really have no indication of where rates will go next. It’s still more than double the 2019 rates, which causes sellers to remain in place, reluctant to sell and jump into a higher rate on a new property.
Even the house “flipping” market is at an all-time low, as the profit margins have decreased with sales prices higher and rates higher, it is more difficult to turn a profit. The Motley Fool. However, buyers are now somewhat accustomed to seeing these higher rates. Plus, if you need to move for a job, you just do it and plan to refinance later.
In addition, we are coming up to an election year, which generally impacts the real estate market. Forbes Magazine has said that July through November of an election year stalls price increases and purchases in the real estate markets, as people are hesitant to proceed due to national uncertainty. So, perhaps NOW is the best time to get your home on the market before the upcoming election year gets into full swing.
If you decide to proceed, remember that Coastal Realty Group is the largest real estate sales company in Gulf and Franklin Counties in Florida! And we have also returned to our place as Number One in Sales Volume for the last 2 months! If you need to buy or sell, contact us and one of our 35 experienced sales associates can assist you. We are a no-pressure, high-information style company who make the process as easy as it can be for both buyers and sellers. Call us today!
Sunniest Regards,
Preston J. Russ and Brian K. Burkett, Brokers
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