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?
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?
Why are homes so expensive right now?
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?
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?
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
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