2023 Real Estate Trends
The real estate market is ever-changing, and it can be tough to keep up with the latest trends. As we look ahead to 2023, the Florida real estate market is projected to remain strong. With our beautiful beaches and all-year sunny weather here on the Treasure Coast, it’s no surprise that so many people are continuing to flock here for permanent residence. But what does the future hold for our local real estate market? Let’s take a closer look at current trends and projections for the upcoming year that could affect homebuyers and sellers in Martin and St. Lucie Counties.
Similar to previous years, the average price of a home is expected to increase. Although prices aren’t projected to rise as drastically as they have in years past, it’s still best to buy sooner rather than later. The rule of thumb is, don’t base when you buy on whether the market is high or low, base what you buy when the product you want comes on the market.
Additionally, we can continue to expect an influx of real estate investors looking to purchase here on the Treasure Coast. This goes for residential, commercial, and industrial properties. Savvy real estate investors do their research and create a strategy for targeted investments that provide the most return on their investment. The Stracuzzi Team assists investors in understanding the local real estate market, analyzing comparable sales, and carefully considering factors such as location, resale value, and zoning laws. Despite some potential bumps due to economic conditions, overall it appears that investors will remain very active throughout 2023.
Mortgage rates are also predicted to rise, so if you’re thinking of taking out a loan, you may want to lock in a low rate now. In 2022, mortgage interest rates increased seven times! Until inflation is moderated, it is expected that interest rates will continue to see some upward pressure. Lock in your rate now and have the option to refinance if rates drop. Tip: be sure to work with a trusted loan officer when refinancing. Think about this…refinancing a 5% interest rate with 26 years left on your mortgage to a 4% interest rate with 30 years will cause you to pay an additional $13,000 of interest on the loan.
Overall, the 2023 Florida real estate market is looking good for both buyers and sellers. Buyers are still very much purchasing regardless of the increasing rates and sellers are averaging 97% of list to sale price. If you’re thinking about entering the market, now is a great time to do so before supply gets even more scarce and interest rates continue to rise. Are you interested in buying or selling real estate this year? If so, contact The Stracuzzi Team today. We would be happy to help you navigate the market and find the perfect home or investment property for your needs.