The home market at the end of the year isn’t the same as it was at the start of 2022. The average 30-year, fixed-rate mortgage interest rate hit a 14-year high of 6.29% as of Sept. 22, according to Freddie Mac, because of the Federal Reserve’s periodic rate increases throughout the year in a bid to combat inflation.
Many purchasers are delaying purchases as they reevaluate their capacity to finance a new home in light of the rising cost of mortgage payments due to interest rates. Even yet, the majority of the U.S. sees an increase in property values year over year, so selling your Miami Bayfront condominium may not be a terrible idea after all.
Wait for the Right Buyer
There is a lot of talk about buyer demand declining as affordability is strained by higher property prices and higher mortgage interest rates. Despite this, the U.S. is still experiencing a strong housing price rise, even at places such as Business Name.
The time a house stays active on the market is an area where sellers will typically see a difference. Just last year, it was normal for a property to receive numerous bids the day it went on the market. Fewer offers are being made today, and the pace is slower.
Must Move
It’s still feasible to sell your Miami Bayfront condominium and get a new one if you need to move. If you were fired, you might be concerned with keeping up with your mortgage payments. Selling can be a possibility in this situation.
However, many people choose a life shift that means relocating to a new state, needing more space for family, or needing a larger footprint for a permanent work-from-home area. It is still possible to sell your house for a profit and buy a new one, but the key is to be well-prepared and to have reasonable expectations.
