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Real Estate Market Updates

May 2022 Real Estate Market Update: Broward County

“Broward County’s median sale price reached $586,000 in May! Along with the rise in median sale price, we also saw a 4.6% increase in active listings and 7.1% increase in months’ supply of inventory. This uptick in inventory can be attributed in large part to the federal interest rate hikes to combat inflation. Despite rising mortgage rates, this is still a bargain compared to interest rates from the...

Rent Increases: 8 of Top 10 Highest Are Florida Metros

FAU: At 32.8%, Fort Myers tops U.S. metros in year-to-year rent increases. S. Fla. (up 31.07%), Sarasota (30.88%) and Tampa (26.9%) also made the top five. BOCA RATON, Fla. – Rents for homes and apartments have soared nationwide over the past year, and Florida remains at the heart of a problem overwhelming U.S. consumers, according to an analysis of 107 rental markets by researchers at Florida...

Florida Ranks #4 for ‘Business Tax Climate’

Tax Foundation: Researchers found that the top lower-tax states didn’t have a “major tax,” which helped Fla. move high in rankings since it lacks a personal income tax. WASHINGTON – The Tax Foundation issued a new report, “State Business Tax Climate Index.” The 83-page report’s goal is to do a state-by-state comparison of all taxes paid in order to compare the amount businesses may be...

New Yorkers and Californians Flock to Florida

Fla. rents are up because demand is up, and new residents boost demand. In 2020, 167 people moved in for every 100 who left. In 2021, the inbound number was 210. MIAMI – In Florida’s top metros, rents have risen by 24% to 32% in a year. Usually, rents swing by about 1% or 2% per year. New Yorkers and Californians are flocking to the Sunshine State, with Florida reporting the largest year-to-year...

Luxury Home Sales Plateau After Pandemic Upswing

South Florida sales of single-family homes priced $1M and up have basically remained stagnant since 3Q 2021 – but still higher than pre-pandemic levels. FORT LAUDERDALE, Fla. – After a soaring real estate market throughout most of the pandemic that saw record highs, luxury sales for single-family homes have leveled off for three straight quarters. According to data from the Keyes/Illustrated...

Higher Interest Rates May Help Housing Market

For buyers, higher interest rates mean less home for the money. But the market may benefit if those rates create a better balance between the number of buyers and sellers. WASHINGTON – Connor Fox thinks higher interest rates might be just what the housing market needs. “We need that market stabilization,” said Fox, president of the Rock-Green Realtors Association in southern Wisconsin and a...

Florida Unlikely to Feel Impact from Slowing Market

Wary buyers and rising interest rates may affect some U.S. markets, but Fla.’s rising demand and lack of construction will probably offset a potential cooldown. WEST PALM BEACH, Fla. – Six of the nation’s top 25 most overvalued housing markets are in the Sunshine State, which can expect to see a “prolonged period of unaffordability” even as prices in other regions of the country...

April 2022 Real Estate Market Update: Broward County

“Broward County’s median sale price hit $560,000 in April! It seems like every month, our median sale price continues to climb. Meanwhile, inventory levels remain low, which is fueling competition in Broward County. Prospective homebuyers from all around the world are hiring REALTORS® and diving headfirst into a South Florida housing investment. Properties are coming off the market almost as soon as...

Some Renters Must Submit ‘Highest and Best Offer’

In metros where demand outstrips supply, renter competition has created bidding wars. A few landlords, in turn, ask competitors for their “highest and best offer.” CHICAGO – Bidding wars have grown common in home sales, but now they’re part of the apartment rental process as well. As demand outstrips supply, renters try to outbid others to get the property they want. “Properties are...

Florida Ranked No. 1 State for Retirement

Report: The state came in No. 1 for reader feedback, No. 5 for quality of life, No. 8 for affordability and No. 39 for health care. TULSA, Okla.– According to RetirementLiving’s 2022 Best States for Retirement report, Florida ranks No. 1 in reader feedback, No. 5 for quality of life, No. 8 for affordability, and No. 39 for health care. The top 10 states on the 2022 list are Florida, New...

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