fort lauderdale – While housing costs have plummeted elsewhere in the country, the South Florida real estate market remains strong and there are signs that 2023 will be a good year.
Take Jim Mats. He sold his beachfront condo and now wants to buy a home in Broward County. He’s been looking for it for months, but since early 2023, he’s seen a change, and “there’s more on the market and prices are coming down,” he says.
On Wednesday, Mats was looking at a Fort Lauderdale home in Coral Ridge, a suburb north of downtown.
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The asking price was about $1.2 million, but a similar home across the street sold for $1.7 million last year.
“Prices are down from last year, but if the price is right, some people are getting more than they asked for,” says longtime real estate agent Sarah Regensdorf. .
Regensdorf sees another trend in 2023.
“People’s financing was locked out by cash buyers last year, and this year they want to look at people’s financing on flexible terms,” she says.
“Interest rates have really come down,” says Michele Smith, a senior loan officer who has offices on the plantation.
If you have good credit, you can get a mortgage for less than 6%, Smith said.
“Even though there is this narrow strip between the two bodies of water, everyone still wants to come to Florida, so it’s good for real estate.
Affordable housing remains a problem. Much of South Florida’s new inventory is still luxury homes valued at over $1 million. There aren’t many available in the $500,000 range.
The Florida Hometown Heroes program, which provides home-buying incentives for police, fire and teachers, remains available.
Jim Matz is optimistic he will find the right fit. says.
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