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Florida Keys Home Market is Shifting

The market is shifting 💫
Expert insights from one of our top producers and Florida Keys Board of Realtors president, Claire Johnson.

I have good news for homeowners here in the Keys/Islamorada. For the last 2 years, there’s been an elephant in the room that no one wants to talk about. The hard truth is, any homeowner with a pulse knows (and has known) they could make a lot of money by selling their house.
But, the question no one had an answer for was, “Where do I go?”
For the last 2 years, it’s been HARD to be a buyer in this market. Really hard. Homes have been selling quickly at record prices.
Which means it’s been a great time to sell your home, but nearly impossible to find your next one.
But that is all changing now.
Buyers may not “feel” it yet, but as a full-time Realtor here in the Keys/Islamorada, I do. Because I am constantly seeing offers and writing offers on homes, I tend to sense these shifts before my clients do.
The market is shifting.
Homes are sitting a little longer.
Price reductions are happening.
This is really good news for buyers. Buyers actually have a much better chance of finding the home they want today than they did just 30 days ago.
But that’s also really good news for sellers, too.
Sellers have a much better chance of finding their next home now. In many cases, sellers can even make an offer contingent on selling their home — that was unheard of just a few months ago!
So the good news is: The elephant is gone. The market is shifting. And that’s actually a great thing.

Give me a call if you have any questions: (305) 731-4602.
– Claire

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Expert Insights on the 2022 Florida Keys Housing Market

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will Florida Keys home prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.

Odeta Kushi, Deputy Chief Economist, First American:

“Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.”

Danielle Hale, Chief Economist, realtor.com:

Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”

George Ratiu, Manager of Economic Research, realtor.com:

“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.”

Mark Fleming, Chief Economist, First American:

Strong demographic demand will continue to act as the wind in the housing market’s sails.”

What Does This Mean for Florida Keys Buyers?

Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.

What Does This Mean for Florida Keys Sellers?

Make no mistake – this sellers’ market will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.

Bottom Line

If you’re thinking of buying or selling, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market.