I’m beginning to think that the timing of the interest rate hike this fall has prevented us from experiencing the full effects of deteriorating buyer demand. Every year, housing inventory gears down for real estate’s dormant period through the holiday season. After the new year begins, inventory then begins its slow hike towards peak in the spring and summer. It was approaching the time when inventory typically begins its final annual descent that rates hit 7% and demand vaporized. With low inventory the belt keeping the emaciated real estate market’s pants up, I’m nervous about what could happen once more homes hit the market in Q1 and Q2 of 2023.
Here in south Florida, the buying season will ramp up. It is typically our busy time of year. I think its going to be slower than normal, but then we hear that Palm Beach is the new Wall Street, with lots of New Yorkers moving here. We shall see!
Post-Holiday Inventory Increase Fixed to Add Insult to Injury for the Housing Market
Here in south Florida, the buying season will ramp up. It is typically our busy time of year. I think its going to be slower than normal, but then we hear that Palm Beach is the new Wall Street, with lots of New Yorkers moving here. We shall see!