It’s no question that the housing market has been unusual over the past few years. But as 2023 approaches, more and more people are committing to mortgages. Are you thinking about settling down in one of the many impressive homes for sale in Bradenton, FL? Now might be the perfect time to do it!
Bradenton, Florida, is a beautiful destination just moments from the Gulf of Mexico. Enjoy gorgeous beaches, unique cuisine, fun-filled family activities, and much more. Bradenton is also near exciting cities like Anna Maria Island, Tampa, Sarasota, and others. Purchasing property in Bradenton is a great way to take full advantage of Florida’s Gulf Coast.
Mortgage rates and home prices are set to change quite a bit around the beginning of the new year, making many potential homebuyers anxious about the process.
Here, we’ve got a bit more information about what to expect from the housing market in the coming months. That way, you can plan exactly when to relocate to the Florida shores!
Rates Will Continue to Respond to Inflation
Throughout 2022, we saw mortgage rates skyrocket in response to rising inflation. In October 2022, the 30-year fixed-mortgage rate rose above 7%, the highest it’s been in more than 20 years. As a result of increased prices, many potential home buyers have postponed their search for the time being.
Recently, the Federal Reserve released the minutes from its September meeting, indicating that there are no plans to stop increasing interest rates as 2023 approaches. Not only have the United States and global stock markets suffered this year, but continued supply chain disruptions, extended international conflicts, and general economic uncertainty indicate that the Federal Reserve will likely continue to raise interest rates to combat inflation.
Housing authority Fannie Mae has predicted that 2023 will bring a mild recession in the United States, as well as a dip in home prices. Since so many potential buyers have waited to see how the market fares, there’s an increased demand for homes now compared to a year or two ago. There’s a good chance that this higher demand will cause housing prices to rise even more.
Even though Fannie Mae predicts a decrease in home prices, it may be short-lived if it happens. If inflation can be contained, then mortgage rates will likely drop. But if inflation continues to run rampant, the opposite is true.
Home Prices Will Vary by Market
Of course, the local market is one of the biggest factors in a home’s affordability. The national average home price can only tell buyers so much, as prices can change drastically between states and even between neighboring cities.
Housing prices can change depending on the demand for homes in the area at any given time. Several Florida destinations have been named among the 25 fastest-growing places in the United States (according to US News), including Orlando, Tampa, Jacksonville, Melbourne, Naples, Daytona Beach, Port St. Lucie, Ocala, Fort Myers, Sarasota, and Lakeland.
As so many people are heading to the Sunshine State, the demand for homes is only going to increase. Unfortunately, this added demand may well result in an even greater increase in home prices. If you’re trying to find a property in the Bradenton area, don’t be surprised if you find yourself in a bidding war with another hopeful homeowner.
Work with BeachRentals.Mobi
No other Anna Maria Island real estate company is as dedicated to their clients as BeachSales.Mobi. Our team not only helps you find your perfect home, but we also ensure that you’re relocating to a location that will make you happy for years to come. Contact us!
On top of the increased demand for homes in Florida, home price appreciation is another factor to consider. In general, house price appreciation has slowed down all over the country. However, according to First American Chief Economist Mark Fleming, “…the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”
It’s also important to remember that, beyond the list price, your mortgage payments are at the will of outside factors. The types of mortgage loans that are most likely to be affected by inflation and market performance include 15- or 30-year fixed-rate loans, adjustable-rate loans, and variable-rate loans. If you opt for a conventional loan or FHA loan, you may not have as many issues because of the market.
Work with a Real Estate Professional
Buying a home can be stressful even when the market is stable. If you’re looking into Bradenton, FL, real estate during this unsteady time in the housing market, it’s best to find an expert to help. Wondering why you should work with a real estate agent? There are plenty of reasons why an experienced real estate agent can help make your home-buying journey more successful.
Working with a real estate agent provides an inside look at the local market since your agent will have deep knowledge of the area’s trends and available real estate. They may even have a specific home in mind for your needs, which can save you tons of time compared to browsing through listings on your own.
Whether you’ve purchased a home before or not, a real estate agent can help you handle the complex contracts and paperwork throughout the process. They can translate the jargon of the field to make sure you know exactly what you’re signing. Your agent can also answer specific questions you might have about a property or the area in general, like local amenities and utilities.
Since homes are becoming increasingly expensive, it’s more important than ever to negotiate where you can. Your real estate agent can help negotiate on your behalf to get you the ideal selling price, even in a tough market. Best of all, as a buyer, you’re not responsible for paying the agent’s commission.
At the end of the day, buying a home can be an emotional experience. Perhaps you can’t find the home of your dreams, or maybe you get outbid on an incredible property. Your real estate agent can stand in your corner and provide support while also offering knowledgeable, objective opinions on your situation. They’ll help you stay within your budget and find the best property for your unique circumstances.
Choose BeachSales.Mobi
If you’re considering moving to the area and are looking for Anna Maria Island real estate companies to work with, Beach Sales Mobi is here. Our passionate and knowledgeable team of agents knows the ins and outs of the market, providing you with a behind-the-scenes look at the area’s best listings. We’ll walk you through every step of the home-buying process and will always keep you updated and confident in your decisions.
Beach Sales Mobi is operated by Candy Payne Cate and Ed G. DeLosh, Sr., who have more than two decades of combined real estate experience. Candy and Ed have built a trusted real estate agency known for personalized services and friendly agents. We’re proud to have helped hundreds of clients find incredible properties throughout the area, and we hope you’ll be next!
You don’t have to buy your next home on your own. Let the team at Beach Sales Mobi guide you. Browse our current listings or contact us today to learn more about how we can help you find your dream home!
