Rates Rise – House Prices Drop – Market Continues to Soften in Broward County

The market is certainly softening in South Florida and it will continue as long as rates stay high. Inventory is rising. The days of selling for over asking price are long behind us. The amount of price decreases on the MLS continues to increase.

The 30 year fixed mortgage rate is over 6%. Purchasing power of first time home owners has gone down by roughly 30%. A crash is not coming, but the market will continue to soften until we reach equilibrium. #sellyourhouse #homeinc #browardcounty