The Most Googled Real Estate Questions of 2022

The Most Googled Real Estate Questions of 2022

  • The Premier Property Group
  • 12/22/22

In today’s fast-paced, competitive Rosemary Beach real estate market, it is crucial to be knowledgeable of the latest trends and market conditions, both locally and nationwide. When purchasing or selling a property, it helps immensely to be armed with as much information as possible before making a final decision.

Many potential buyers and sellers turn to Google to learn about the US real estate market. We've summarized below the most frequently asked questions — and their answers — in 2022.

Will the real estate market crash?

While it’s impossible to declare that a market crash is impending with so many internal and external factors to consider, including interest rates and the overall economy, experts suggest that because of the low inventory, home prices won’t fall in this area in 2023. Home pricing will be relatively flat, with an increase of only one percentage point.

Buyers and sellers can likely look forward to a more balanced market in 2023. While recent prices and market conditions have begun to level out, this trend will continue over the next year in many states. The Florida panhandle is expected to continue growing due to its desirable location and lifestyle. Rosemary Beach real estate is expected to remain strong with minimal changes in home prices because of the high demand and limited supply.

When will the market slow down?

The real estate market is already cooling and shows normal trends in many states. Part of what makes so many markets fast-paced and highly competitive is the high demand and low supply of houses. Many areas remain in a seller’s market because there are more buyers than homes for sale. Rosemary Beach houses can be priced higher, however, because there is an insufficient supply to meet the demand. This cause and effect significantly impacts local markets and can lead to higher home prices, bidding wars, and many buyers being sidelined. As demand slows or supply increases, prices begin to normalize. Some areas of the country may even see a return to a buyer’s market in 2023; however, many desirable cities will remain a seller’s market. Even in a seller’s market, potential buyers may notice a cap on increases and leveling prices in 2023.

Why are homes so expensive right now?

A number of factors contributed to the high cost of housing. The most significant is the low supply of homes relative to the number of buyers in the market. This imbalance has caused prices to increase significantly in many states. Additionally, the cost of building materials and labor has increased, which contributes to higher prices.

What spurred the sudden increase in prices and building materials? Home prices spiked during the pandemic, and because so many daily routines were halted, including home and material production, the number of homes being built decreased and altered the balance of supply and demand. As the US and global economy recover from the pandemic, supply is forecasted to increase in many areas and ease the burden of pricing and limited homes for sale.

How much can I afford to spend on a home?

Buying a home is a significant investment, and knowing how much money you can afford to spend is critical. There are several factors to consider when determining your budget, including your desired location, house size, and home style. Also consider your financial stability and how long you plan to remain in the home.

The first step in purchasing a home and determining your budget is to contact a mortgage professional and get preapproved for a home loan. Lenders will consider several things when pre-approving you for a loan, including your credit score, employment history, and debt-to-income ratio. Additionally, sellers will more likely accept your offer if you have been preapproved for a loan.

It is vital to research and compare interest rates and loan terms before making a decision. Working with a financial advisor and getting a preapproval will help you determine how much you can afford to spend on a Rosemary Beach home.

Do I need a home inspection?

In a fast-paced market where it is critical to submit a strong offer, many potential buyers forgo an inspection to expedite the buying process and look more appealing to sellers. While this can make securing a home more accessible, the buyer risks purchasing a home in need of many costly repairs.

When you are ready to buy a home, be sure to have a home inspection done, which is a comprehensive evaluation of the home’s condition. This will reveal any potential problems with the house before you make an offer. Further, if the seller chooses not to fix the documented issues, the buyer can usually negotiate a better price for the home.

Navigating the market

Whether you’re a buyer or seller, working with a local real estate agent helps you understand the local real estate market, find or list a home, guide you through the inspection and price negotiation, and smoothly finalize the sale on closing day.

Live Love 30A, brokered by The Premier Property Group, is a high-performing Rosemary Beach real estate team specializing in luxury properties. Live Love 30A is committed to providing exceptional service for every client. When you’re ready to learn about  homes for sale in Rosemary Beach, contact Live Love 30A.

*Header photo courtesy of Unsplash

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