Trusted Miami Luxury Home Realtor Ashley Cusack recently published two blogs that discuss projected mortgage interest trends through 2023 and 2024, and their potential impact on the real estate market in Miami-Dade and surrounding counties.
The following Ashley Cusack blogs are located at https://AshleyCusack.com/blog:
1. “Mortgage Rate Predictions and their Market Impact”.
2. “Miami Realtors’ Chief Economist Predicts a Dynamic Path for the Miami Real Estate Market in 2023”.
Top Coral Gables Realtor, Ashley Cusack, of Berkshire Hathaway HomeServices EWM Realty, is a recognized expert helping both buyers and sellers understand the dynamics of the market, specializing in Coral Gables, Coconut Grove, Coral Gables, Coconut Grove, Miami Beach, Gables Estates, Pinecrest, South Miami, and Ponce Davis.
The Chief Economist of Miami Realtors, Gay Cororaton, is one of the most highly respected authorities in the world of real estate. Cororaton’s insights, reflected in the second blog, provide a roadmap for buyers, sellers, and investors, based on a combination of market trends and economic indicators.
“As we venture into the second half of 2023, Cororaton’s predictions for the Miami real estate market offer a tantalizing glimpse into what the future holds,” said Cusack.
Mortgage rates are clearly one of the key factors influencing the Miami real estate market according to the predictions laid out by Cororaton in the article referenced in the second blog. It forecasts that mortgage rates will likely start decreasing towards 6% by mid-year and then down to 5.5% by the end of 2024 as inflation eases to 2.5%.
The lower interest rates mean that typical mortgage payments will fall by about $100 per month by June next year, assuming home prices rise by 5% and the 30-year fixed rate declines to 6% by mid-year.
“For the first time, the South Florida counties of Miami-Dade, Broward, and Palm Beach all hit new record highs in the median sales prices of single-family homes and condo/townhomes in June 2023.
“Expect an even stronger Miami housing market in 2024 in line with falling mortgage payments,” said Cusack.
Strong demand in South Florida is now outpacing the supply of new listings and has become the foundation for a rebound in home prices. Depending on how mortgage rates perform at the end of 2023, new listings will likely remain at their current low level, supporting a steady price appreciation in the second half.
This evolving supply-and-demand dynamic creates an environment where well-priced properties in sought-after neighborhoods attract significant interest and relatively swift sales. Buyers and sellers should closely follow these fluctuations closely and adapt their strategies accordingly.
Sellers who are interested in understanding how this balance of trends could affect the price and timing of their property market placement should consider contacting Ashley Cusack at https://AshleyCusack.com or call 305-798-8685.
Ashley Cusack Team
550 South Dixie Highway