Homes are catching top dollar in South Florida and homeowners are looking to take advantage. WSFL-TV Trusted Advisors, Broker Patty Da Silva and Chris Green of Luxury Homes by Patty Da Silva at Green Realty Properties, joined us with advice on if now is the time to sell.
“A lot of sellers are more interested in putting their home on the market now more than ever,” says Da Silva. “They're afraid of what the interest rate hike is going to do to the buyer’s finances and the buyer’s ability to purchase so they're like, ‘let's just do this now because the future is uncertain.’”
Historically homes do sell faster in the spring and summer and that trend seems to be continuing.
“The interest rate hikes that have happened, a couple of them have increased the interest rate quite a bit,” says Da Silva. “We're seeing pre-approvals now coming in at 6%, where in October, they were coming in around 3%. A lot of buyers just reduced their expectations so they're basically just reducing the price point that they're looking at.”
While there is a shortage on the market right now, Green says that this might be turning around because of the higher interest rates.
“When that happens, sellers may feel like they don't want to miss the boat to get that property put on the market,” says Green. “They give us a call and say, ‘I want to sell, let's list my home right now before it goes up higher.’ Then there's more inventory out there which means buyers are starting to see more hitting the market.”
For more information, visit PattyDaSilva.com
This Inside South Florida segment is paid for by Green Realty Properties
