Lately, the housing market in South Florida has been in a total boom. During the pandemic, low interest rates, continued migration, limited inventory, and high demand has caused a perfect storm in the market. Because of this, prices have gone up. Will this tend continue?
Right now, the out-of-state migration is expected to continue in South Florida. Therefore, demand will most likely continue to challenge supply. This is why it might take a bit of time for the housing market in South Florida to cool down. Inventory plays a big role with it comes to pricing. Due to the increase in demand during the last couple of months, prices have increased.
Most experts believe that the market will continue to be hot for at least another year. However, taking into account the factors previously mentioned, demand might continue even longer. In fact, the National Association of Realtors predicts that prices will rise by approximately 9% through 2021. However, they also predict that it will slow down into 2022, growing by about 3%. This is because there are more houses heading onto the market.
Continue reading: Sun Sentinel
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