Dear Valued Community,
As your South Florida Luxury Real Estate Advisor, I wanted to share some insights into the current real estate market and its financing.
Recent data from Realtor.com indicates that the week of April 16-22, 2023, is the best time to sell a house this year. With low inventory and high demand, sellers can expect to receive the highest price offers during this period. As we approach this week, I encourage any sellers who have been considering listing their property to act quickly to take advantage of these favorable market conditions.
It is also worth noting that residential interest rates for mortgages are cooling down with the average APR falling on a 30-year fixed mortgage today, slipping to 6.75% from 7.13% at the beginning of the month. This gives some space for buyers to secure financing with a favorable interest rate and purchase their dream home.
The Federal Reserve enacted a quarter percentage point interest rate increase, expressing caution about the recent banking crisis and indicating that hikes are nearing an end. While it is difficult to predict precisely how this will impact the real estate market, Miami's real estate market is still seen strong demand from both domestic and international buyers.
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