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Sales in Solivita

Sales are steady, although existing home sale prices edged a bit lower year over year in May.  This is a promising sign for home shoppers, and experts do not expect nationwide price declines anytime soon.  In May, although prices elevated in the North and Midwest, prices did fall slightly in the South and West.  The Good news for Solivita homeowners and buyers, is housing prices in Solivita have remained steady.  

Thanks to an uptick in mortgage rates and elevated home pricing mixed with the housing affordability crisis, bank sector volatility, inflation, and the debt ceiling drama there is a strain on the housing market.  Homes remain on the market for more days than most seller’s desire but are selling, even with interest rates sticking between 6% and 7%.  Housing supply is holding steady despite the explosion of new homes being built, therefore the market is being sustained by low supply and a high pent-up demand.  

Single family home construction starts rose for the 3rd consecutive month indicating builder confidence is steady.  A good sign.  New home construction is taking on an increased role in the marketplace because many homeowners with loans well below current mortgage rates are electing to stay put, keeping the supply of existing homes for sale at a low level.  Best news, if you do not need a mortgage, now is still a great time to buy.

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Is It Time to Buy or Sell?

Well for the first time in many, many months we have a good quantity of homes in Solivita for sale and the inventory of homes for sale in Central Florida is again on the rise. Good News for Home Buyers, mixed news for Home Sellers. More homes on the market equates to more competition which equates to a better value for buyers.  Home Sellers, please do not despair, the value of homes, although not climbing, has not reduced substantially. Total Home Inventory is still quite low and lots of folks are still looking to buy, retire, obtain a second home, etc. so although the market has changed, the bottom has not fallen out.  Good News is Interest Rates seem to be steady, the news on the economy is good, and the hope is the market will again continue to strengthen.