Buyers' Market Yet? - Michael Friedman Broker Associate Realtor eXp Realty Mike In Boca (Raton)

Buyer's Market Yet?


July 5, 2002

A frequent question relates to whether or not it has become a buyer’s market. 

A recent article entitled, “Home sellers are realizing it's no longer their housing market” delved into this topic. 

One data point discussed was Redfin, a real estate brokerage company, estimated 6.1% of homes for sale during the four weeks leading to June 19, 2002 asked for a price drop, which was a record high since the beginning of 2015. 

Speculation is the increase in mortgage rates has put some homebuyers on the sidelines. 

According to MBA, the Mortgage Banker’s Association, a publication for the real estate finance industry, the median monthly mortgage payment increased $513 from the start of the year through May 2022. 

The article quotes Lizy Hoeffer, owner and mortgage broker at Cross Country Mortgage LLC, as saying, “ If you overprice your home in any market, you're going to feel resistance.”

Locally, the article noted, that “only about 8% of Broward households can afford a single-family home at the median sale price. “

Nonetheless, the article quoted Jeffrey Ruben, President of WSFS Mortgage, “demand is still strong, but not nearly as much as three or six months ago when the market was at a feverish pace.  We would see multiple offers, sometimes 10, 12 or 15 people bidding on the same house. We’re not seeing those stories today.”

The conclusion of the article was the buyer pool is shrinking, however, inventory is very low and there is still buyer demand; and thus, it is still not a “buyer’s market.”

Currently, I am seeing demand soften more on the higher-end of our local market and many ask prices are being slightly lowered at that segment of our market. 

I am advising my customers who are thinking of selling their homes to quickly prepare their homes for sale in order to maximize their net proceeds. 


Get more homes for sale, community updates, information on Boca Raton, Delray Beach, Boynton Beach, Highland Beach and more local areas at my Website : https://mikeinboca.com


Michael Friedman

Broker-Associate, Realtor, CDPE, NCREA

eXp Realty

https://michaelfriedman.exprealty.com





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