The real estate market has been full of twists and turns for several years. After the pandemic, there seemed to be a gold rush as many buyers raced across the country to buy homes in hot seller’s markets. However, since early 2022, when the Fed started to raise rates to cool the market, it seems like the market has been in a gridlock. Sellers are still eager to sell, but buyers are much more cautious, either because they have less buying power or because they have been priced out of the market entirely.
Despite the market’s stagnation, some recent changes could end this stalemate. These changes seem to be happening in the Sunbelt, the same part of the country that most people flocked to in droves several years ago.
In recent months, homes in the Sunbelt have experienced substantial price reductions. Florida is leading the pack, which has seen a drop in home prices in places like Tampa, Cape Coral, and Jacksonville. Not only have these places seen substantial price cuts, but the homes have also increased in time on the market. These conditions have led to an increase in inventory, which is making it much more difficult for sellers to have the upper hand. As a result, many of these areas are becoming buyer’s markets…