Thinking of downsizing or selling your Florida Keys home but uncertain if its the right time? You are not alone. The average length of time a homeowner stays in their home in the US is typically around 7 years. Taking a look at the real estate market over the past 10 years will give us some insight as to why many homeowners are starting to stay in their homes longer and if this is the right move, or not. Request an automatic or in-person home evaluation here.
Over the past decade we have experienced some of the lowest mortgage interest rates our country has ever seen. In the year 2013 rates were attractively hovering around 3.6% - 3.99%. In 2020- 2021 we saw numbers dip below 3%, practically free money! We are now feeling the effects of this but in a different capacity than I ever expected; Homeowners are feeling attached to their incredible rates and not wanting to let go and move on when they normally would be. Understandably so with todays rates around 6.25% that is a significant difference from what has been offered over the past 10 years. This has put our market in a bit of a grid lock. Sellers holding on to their 2.6% interest rates instead of selling and buyers not wanting to pay the new interest rates either.
This market like all others is temporary. Many experts predict that the interest rates will start to decrease again towards the end of 2024 when elections are concluded. 14 -15 months from now the market should look different from todays. Many experts also predict that when interest rates decrease home prices will start to increase again.
Whether you are planning to sell your home now, in 2024- 2025 or later down the road, take this time to prepare your Florida Keys home or condo for sale. Take a good look around at what maintenance you can catch up on or get ahead of and what you can do to declutter. This is especially important if you plan to downsize your home and move into something smaller. Take this time to really analyze how important the items really are, if they add joy or value to your life or if you just feel guilty getting rid of it. It can be so freeing, plus it really helps to sell your home fast and for more money when the home or free and clear of clutter or personal belongings. Read our article here for more information about curb appeal and how it helps sell your home faster and for more money.
Read the below article for a few helpful tips on preparing to downsize your home in Key Largo, Islamorada, Marathon or the Lower Keys!
As always, a Better Homes and Gardens Real Estate agent is standing by to help you prepare your home for sale. Contact us for more helpful tips even if you are 12 - 15 months out or more we are glad to share helpful advice.
Posted by Jaclyn Kelley- Admin on
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