According to World Population Review, the population in Austin, Texas as of 2023 is 1,013,293. Aside from constant sunshine and a vibrant music and art scene, the Austin housing market makes the city attractive to prospective buyers, including international ones.

Austin’s employment growth makes it an ideal location for newcomers in search of the American dream. According to a report from the National Association of Realtors, 40% of US home sales traditionally take place between May and August.

Warm weather makes this an ideal time for prospective home buyers to search for property. This is also an excellent time to shop for homes so families can be settled in a house before a new school year begins.

In the middle of 2020, Austin’s housing market shattered records. Prices soared and bidding wars erupted. Incredibly low interest rates had prospective home buyers racing to purchase a home, often virtually or sight unseen.

However, 2023 is providing Austin’s real estate market with a bit of a break. There’s more supply for home buyers to choose from, reducing the number of bidding wars and making home ownership much more attainable. Rising interest rates have worked to slow the market down, but inventory remains strong, as does Austin’s housing market.

This article takes a comprehensive look at the Austin housing market, comparing text from four different reports. This information is essential when buying a house, selling a house, or investing in any type of real estate transaction in Austin.

Keep reading to learn more about the Austin housing market and what this means for buyers and sellers in 2023.

A positive in Austin’s housing market heading into 2023

Austin’s housing market has placed a strain on residents throughout 2022, according to a report by Tahera Rahman. Homeowners have been forced to move to more affordable areas, looking for ways to find down payments on a new property.

Not every homeowner can afford a $500,000 home, making Austin’s housing market unattainable for many people dreaming of owning a house. High interest rates have also made it challenging for prospective homeowners.

Some residents have had success with purchasing Habitat for Humanity homes. However, there were only 11 of these houses built in Austin when this report was compiled.

Austin’s affordable housing program features a 116-person waitlist when Austin’s city council was lacking in its goals for affordable housing.

As Austin falls short of affordable housing for its residents, some homeowners were forced to refinance for lower rates before price interest rates increased.

The impact on buyer stock

The Austin Board of Realtors comments on high mortgage rates. Its incoming president, Ashley Jackson, said that a good amount of prospective buyers paused their home-buying search due to these high mortgage rates.

However, there is a silver lining. These high interest rates allowed the housing inventory to steadily increase. The Austin housing market reached 3.1 months of stock in November 2022.

According to ABoR, compared to November 2021, this number has quadrupled.

The last report provided by the agency showed that November was the first month since the spring of 2020 when there were no record-breaking home sales. There were also no record-breaking median home prices.

Jackson explained that seeing three months of inventory is very infrequent and uncommon. She explained that the inventory available made Austin a buyer’s market.

However, the current interest rates are preventing many prospective homebuyers from purchasing real estate.

Permit applications and housing starts have also declined since builders face elevated construction costs. Many builders have also eased back due to an influx of inventory.

However, Jackson expects that demand will track with the current interest rates and that an eventual increase in demand might be on the horizon.

Austin housing in 2023

But how does this affect housing in 2023?

Jackson explained that 3.1 months of inventory gives the real estate market some space, but not enough to relax. She understands that there is an ongoing issue that needs to be addressed.

Jackson continued to explain that City Hall’s new administration -including a new mayor- has the potential to expedite the construction of new homes throughout 2023. One way of doing so would be by lowering development fees, creating a variety of housing, along with changing zones.

If zoning laws allow for additional housing, including a variety of housing throughout the city and at various price points, then more people will be assisted. Jackson acknowledged that all ends of the market needed to be addressed.

Failure to do so could result in people in the upper end of the market shopping at the lower end of the market. This would mean lower-end shoppers being knocked out of the competition.

However, Jackson is pleased by voters passing Austin’s latest affordable housing bond. This is the largest bond the city has ever seen. The bond is for $350 million and is a game changer for Austin.

This bond is to be used to buy land for buildings and to renovate and improve current affordable housing buildings. The bond will also be used to fund grants and loans for various housing projects.

A positive in Austin’s housing market heading into 2023

Brooklee Han explains that from mid-2020 until March 2022, the Austin housing market was seen as among the country’s hottest. Local Compass agent Scott Michaels explains how chaotic the real estate market was throughout that time period, his sentiments seconded by other real estate agents in the area.

However, the Federal Reserve began rate hikes in March 2022. This is when Austin’s booming housing market came to a grinding halt.

During the height of the pandemic, the median home list price and 7-day average in Austin was $999,500. This high occurred at the end of February 2021.

By early May 2022, the annual high was $850,000. However, the average price is now $695,000, as of December 2022. This data was provided by Altos Research, recently acquired by HW Media.

There has also been a steady trend of price drops. High mortgage rates are slowing down the housing market, greatly affecting Austin’s real estate market.

Although these changes might seem sudden, they’re in line with the typical trends in real estate. The housing market is returning to a normal state of activity. Austin remains a strong city for people to live and work in, and its housing market reflects that.

Real estate agents understand that there are still plenty of buyers looking to purchase homes. They’re doing so at a more leisurely pace, instead of panicking to purchase a home amid a seller’s market. Fewer bidding wars also mean less urgency when purchasing a home.

Since mortgage rates doubled in a brief amount of time, the number of available buyers has decreased, but there are still plenty of people looking for homes.

There’s good news for those buyers, however. They face less competition throughout their hunt for a new home, and there’s little -if any- fear of a multiple-offer situation. Many properties are listed at market value. This means there may still be bidding wars but on a much smaller scale, and buyers will purchase homes at a fair price.

Real estate market in Austin dominated by international buyers, says new report

In an article written by John Krinjak, the Austin real estate market remains hot with international buyers. According to The Austin Board of REALTORS’s 2022 Central Texas International Homebuyers Report, international buyers account for the region’s economy by $613 million. These numbers are from April 2021 to March 2022.

Indian buyers account for 21% of all international homebuyers. Homebuyers from Mexico account for 10% and homebuyers from China account for 6%. Homebuyers from Canada account for 4%.

The Austin Board of REALTORS president-elect, Ashley Johnson, provided her feedback. She feels that Austin is becoming an international destination and has been for the last 20 years. The town’s events attract international buyers, coupled with an excellent quality of life.

Jackson explained that 59% of international home buyers come to Austin to live there and to invest in the city. These home buyers wish to partake in the American dream.

She also feels that Austin’s strong economy makes the area desirable to international home buyers looking to relocate to the United States. A strong economy is an excellent selling point for prospective buyers looking to move to an area that’s steadily thriving.

Jackson attributes a strong school district, remote work, and local activities to Austin’s appeal. There are more tech companies moving to the area, providing new jobs. She noted that many of the home buyers from India are in Austin on a visa, while home buyers from Mexico are in Austin with green cards.

When asked if international buyers are driving up prices in Austin, Jackson explains that she doesn’t attribute that phenomenon to international buyers. She feels it’s most likely due to local zoning laws and Austin’s failure to meet the housing needs of all buyers.

This includes prospective buyers looking to move to Austin. She acknowledges that there are more buyers, regardless of where they come from.

Jackson believes there will be a continued level of international interest in housing in Austin. Now that the pandemic has slowed down, there are plenty of opportunities for international buyers to move to Austin.

Why is real estate booming in Austin slowing down?

According to Ford Sanders, in 2020, real estate agents and developers saw Austin partake in a “gold rush.” Homes flew off the market within a few hours. However, the housing market is steadily slowing down.

Chester Wilson of Great Austin Builders (and one of the owners) explained that the frenzied housing market brought a lot of new people to Austin, creating a “perfect storm.” Many people flocked to Austin, driving the housing market through the roof.

Austin Board of Realtors president Cord Shiflet states that, as someone in the real estate industry for 25 years, he’d never seen anything like the housing market in 2020. He also reiterated that Austin’s housing market isn’t going anywhere, despite slowing down.

While homes previously took a day or two to sell, they’re now taking a month. He attributes this to doubled interest rates compared to historic lows in 2020.

The luxury real estate market in Austin is also experiencing a slowdown. However, many realtors understood that 2020’s real estate “gold rush” might eventually slow down, so they prepared themselves for it. As luxury homes sit on the market, price cuts take effect.

However, Shiflet remains positive about the current real estate market. He explains that there are plenty of great reasons to get out and buy a home.

There’s plenty of extra inventory so buyers have more options to choose from. Price reductions also add to the benefit of purchasing a home in today’s housing market.

Shiflet reminds buyers that there are no longer 40+ offers on a single house. There are fewer bidding wars, which means home buyers have a better chance of securing the house of their dreams.

Despite high interest rates, homeowners can purchase now and refinance when interest rates drop.

Understanding the Austin housing market

The Austin housing market may have slowed down, but it’s still going strong. High interest rates have made it challenging for some prospective homeowners to buy real estate, but there are still plenty of reasons to buy from the real estate market in Austin.

High interest rates can be refinanced when rates drop, and the current amount of available inventory has made it easier for prospective buyers to secure property. More inventory means home prices have stabilized while reducing bidding wars.

If you’re looking to buy or sell your home in today’s market, iBuyer can help. Use our free home value estimator for an instant home valuation.

From there, we’ll help secure an instant offer with one of our top iBuyers. It’s that simple.

The post The Austin Housing Market in 2023 – Here’s What 4 Reports Say appeared first on iBuyer Blog.

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Did you know that there are 7,302,947 houses in Florida? Florida has always been one of the most appealing states for people to move to from various parts of the United States. It is known for its warm and tropical environment as well as its laidback atmosphere.

Jacksonville is an especially popular place in Florida, and it has a lot to offer. But what is the Jacksonville housing market like? Many cities in Florida are starting to experience changes in the housing market, and Jacksonville is no exception.

The Jacksonville, FL, housing market is full of opportunities, but where should you start? It is important to understand how house prices are changing in the Jacksonville real estate market. If you’re thinking about buying or selling anything, you should be prepared.

Some people believe that the housing market is about to crash. Others believe that the housing market is going to keep climbing. The Jackonville average home price is already quite high, but will it keep increasing?

These are all important questions to ask yourself before you think about dealing with any real estate in this area. If you don’t make a well-thought-out decision when dealing with real estate here, you could make a big mistake. But if you make the right choice and listen to the most relevant Jacksonville real estate reports, you might be on the right track.

Keep reading and learn more about what three of the most relevant reports have to say about the Jacksonville housing market.

1. Rent prices in Jacksonville started gradually dropping

This report was written by Evan Wyloge for Realtor.com. This report focuses on rent prices rather than home prices. Rent prices have been at an all-time high in recent years, especially in Florida.

In many places in this state, many small apartments, such as studios and one-bedroom units, cost thousands of dollars per month. This has been a trend not only in Florida but across the United States. But this report finds that there are some locations across the country where rent prices are finally falling.

Jacksonville is one of those locations. This drop in rental prices has been very sudden. Does this reflect a change in Jacksonville growth?

Will Jacksonville households also become more affordable? Will you start to see an increase in Jacksonville home sales? While these are all very important questions, this report does not go into such detail.

It instead focuses on the fact that the median rental price in Jacksonville during November of 2022 was $1,454. The year-over-year rent change rate is -0.8%.

The details

While this decrease isn’t huge, it’s better than nothing. This is important since rental prices from 2021 to 2022 increased by 30%. This made it difficult for many people to stay in their rental units because the cost became too expensive.

Many people had no choice but to move to other locations, often more rural areas where the prices are cheaper. While rent prices are still far more expensive than they have been in the past, there is hope that the prices will continue dropping in the Jacksonville area.

This will make it more feasible for people to find high-quality housing without having to spend an arm and a leg. But what does this drop in rental costs mean? Whenever this happens, it usually indicates that the housing market in the area is starting to slow down.

Rental prices increase when thousands of people want to move to the same area at once. Since there aren’t enough rental units to accommodate this surge, it is necessary to charge more for the available units. But as the desire to move to this area slows down, the rental costs will also drop.

2. Northeast Florida agencies step in to help the affordable housing crisis

This report was written by Alexandria Mansfield for Jacksonville.com. This report emphasizes how Florida housing and rental costs are out of control. These costs soared during 2020 and 2021.

They continued to rise in 2022 as well. Many people in the Jacksonville area don’t have the funds to live in a house or an apartment. This is because both options are too expensive. Even if you find a small house on the outskirts of the city, it will still be absurdly overpriced.

More people need affordable housing than ever before. Some people in the Jacksonville area are starting to make a difference. The Community Foundation is one example of a foundation that donated a house to a family in need.

Stephanie Garfunkel is the vice president of this foundation. She said in an interview that the goal of her foundation was to provide affordable housing without it being a charity or private investment. Instead, a loan would be used, which would then function to distribute money back into the Jacksonville community.

This could be a big help to those waiting for opportunities for affordable housing.

Making an effort

At any given time, around 20 to 25 people are waiting for a home that they can afford. This is because there is a serious shortage of affordable homes.

Many of these people waiting for affordable homes have been displaced due to hurricanes and other disasters. Another problem is that the available, affordable houses are low-quality. They may be infested with insects, mold, water damage, and so on.

There may be leaks in the roof, problems with the electrical system, and more. These houses may not always be safe places to raise a family either. Certain foundations and charities are starting to make a stand against this problem.

The goal is to provide more high-quality affordable housing units. This ensures that these low-income families can live in safe and sturdy homes.

3. Home prices are rising in Northeast Florida

The third and last report was written by Randy Roguski for Jaxtoday.org. Last month, housing prices across northern Florida increased. This increase may be proof that the housing market in this area is still thriving.

The higher the prices go, the more it reflects how desperately people want to live in this area. Prices also continue to increase because there is a shortage of homes for sale on the market. If you are familiar with basic economics, the price of anything will rise as soon as it is in short supply.

As soon as a house becomes available, it likely won’t be on the market for long before someone comes along and snatches it up. Many people don’t care how much they have to spend to get a house in this area of Florida. There are many benefits of living in this area, and people don’t want to pass up those opportunities.

Some new houses are being built in this area, but they aren’t enough to counter the severe housing shortage. This is another reason why home prices are still high and expected to keep rising. A problem that many people have is that they are unable to afford these expensive homes.

What to know

Many of the homes are very average and sometimes very small. But they are still being sold for hundreds of thousands of dollars, sometimes more than half a million or more. This makes it difficult for the average person to buy a house.

If they do buy a house, they likely will be paying huge mortgage payments every month, which might be difficult for them to afford. Some people may buy homes with their family members or friends so that it is easier to afford the cost.

Others have decided to wait until the housing market cools down, but it is hard to say if this will happen any time soon. The housing market around the Jacksonville area is still bustling.

The current median home price for this area is $360,000. This may not sound like a lot, but consider that this is the median. This is the middle value of a large list of home prices.

If you look on any real estate site, you will find that most homes in the area are far more expensive than this. The report does not explain how much longer these price increases will continue. While housing bubbles like these can’t go on forever, this one may continue for a few more years.

All about the Jacksonville housing market

The Jacksonville housing market is currently bustling and full of life. Many reports say different things about where the real estate market is going and how it currently is. For the moment, rental prices are decreasing while house prices are increasing.

It is also very difficult for people to afford homes at the moment because of these huge increases. Some foundations are willing to help those in need of affordable housing.

Jacksonville is also experiencing a shortage of housing units. This also contributes to the high housing prices in the area. It is not known how long these prices will persist.

While it is a difficult time to buy a house, it is a great time to sell one. If you want to know the value of your home, click here.

The post The Jacksonville Housing Market in 2023: What 3 Reports Say appeared first on iBuyer Blog.

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About 64% of US Citizens own real estate.

Many Americans see homeownership as a symbol of the American Dream, but it’s not always the easiest thing. Once you buy your dream home you may find things you didn’t notice before, and these little quirks can actually impact the value of your home.

It is important to look at both positive and negative home factors to determine if buying a home is right for you and your family. If you are planning on selling at some point, you want to understand common property value factors that can impact your sale.

This article will discuss factors that affect your property’s value in greater detail. Read on to discover how knowing what brings down property value can help you get top dollar for your property should you decide to move.

What brings down property value? – Outside factors

When considering what brings down the value of a house, it’s important to know that there can be all different kinds of factors, and several of these go beyond the house itself.

Bad neighborhood

No matter how nice a home is, it can become very undesirable if it’s in a bad neighborhood. Things like high crime rates, poor schools, and a lack of amenities will generally result in potential buyers being less interested. All homes in the area will therefore be worth less than they would in a better neighborhood.

If a neighborhood has a reputation for being unsafe or undesirable, it can be difficult to sell a home there, even if the home itself is in good condition. Sometimes all it takes is just one individual in the neighborhood to lower the value of surrounding properties. Unfortunately, a neighbor that’s lowering property value is something that you can’t do too much about.

Address and postal code

The address and postal code of a home can also affect its value. Homes in more reputable neighborhoods tend to be worth more, so having a prestigious postal code can make more of a difference than many people realize.

Another factor is how easy it is to find a property. Homes with a street address that’s easy to find and remember will be more valuable, while the value can drop if a home is difficult to locate or has a hard-to-pronounce address.

Mortgage rates

The current state of the housing market and the economy as a whole can affect the value of homes. Higher mortgage rates can make it more difficult for buyers to afford to purchase a home. This can result in a decrease in demand for homes, leading to an overall decrease in home values.

Natural disasters

Homes that are located in areas prone to natural disasters, such as floods, hurricanes, or wildfires, will generally have lower values than homes in safer areas. This is because homes in these areas are at a greater risk of damage or destruction. Not only does this make them less desirable to live in, but it can often be more difficult to insure them.

Neighborhood foreclosures

This is another neighborhood-related factor – if multiple homes in an area are foreclosed upon, it can negatively impact the value of the remaining homes in that neighborhood.

Foreclosures can lead to a decline in property values and a decrease in demand for homes in the area. Neighborhoods with a high number of foreclosures are generally seen as less desirable, which may push the value of any homes there down even further.

Proximity to certain facilities or businesses

Everyone values convenience, so the proximity of a home to various facilities or businesses will affect its value. A home that’s close to a major highway or public transportation will generally be more valuable than a more remote property, as it affects how easy it is for people to get around.

Certain things can be located nearby which may cause the value of a home to go down. This includes things like factories, landfills, or other sources of pollution as they can have a negative impact on quality of life and might present potential health hazards. Noise is also a factor, so a home that’s close to a busy motorway, a railway line, or an airport will also often be less desirable.

What brings down property value? – Inside factors

Some of the most crucial factors influencing property value are to do with the house itself. One benefit here is that as an owner, you’ll have a good degree of control over these factors. As such, while they could lower the value of your property, you can also use them to your advantage to increase it.

Curb appeal

First impressions are crucial, and the curb appeal of a home can greatly affect its value. Curb appeal refers to the external appearance of a home including things like the paint, structure, and landscape. This can be one of the biggest factors that affect whether or not a potential buyer wants to take a closer look at a property.

A home with bad curb appeal will immediately put people off. Some typical things that can make the curb appeal of a home worse are things like an unkempt/overgrown yard or damage to the outside of the house.

Before putting your home up for sale, it may be worth taking some time to improve the curb appeal. Some things you can do include:

• Add a fresh coat of paint
• Install new lighting fixtures
• Hire a professional landscaper to get the front yard into better shape
• Clean the windows and siding
• Replace the front door with a newer one

It’s worth bearing in mind that all of these come at a cost. You should look into it to determine which of these are worthwhile to help you maximize your ROI.

Maintenance

Regardless of whether you’re planning on selling your house or not, one of the best pieces of property value advice anyone can give is that you should maintain your home. Proper maintenance is the best way to keep your home in good condition, which will ensure it’s comfortable to live in and will help you can get more for it if you decide to sell.

A home that hasn’t been properly maintained can end up with various issues such as a leaky roof, a broken HVAC system, or outdated appliances. This will always reduce the value. This is because buyers don’t want to have to deal with such issues when they move in.

If a buyer realizes a home has problems like these, they’re also likely to assume there are other problems that they might not be aware of. On top of this, it’s best to keep up with current trends to make your home more appealing.

A home that hasn’t been maintained probably won’t have been updated in many years either. People want modern amenities and finishes, so if yours is lacking these will have a lower value.

Too much clutter

Clutter may not seem like a huge issue – after all, it’s easy to have a clean-up and make things look much better. However, you want to make sure you get rid of any clutter before anyone comes to view your home.

If there’s a lot of mess around, it can make it difficult for potential buyers to envision themselves living there. This also doesn’t only come down to general mess and untidiness. A home that is filled with too much furniture, decorations, and personal items can make it seem less appealing to buyers.

You want a buyer to see it as their future home, rather than someone else’s current one. As such, items that are more unique to you and your family can make your home seem less desirable. This can apply to objects you have laying around, family photos on walls, unique ornaments, and more.

A property staging company can help with this. They’ll set your home up in a way that’s well-suited for sale. While you might think your home ends up looking a bit boring, things like generic furniture and neutral colors can help make it much easier to sell.

It’s also worth noting that it can be harder for people to get a good idea of the condition of your home if there’s clutter everywhere. Even if it’s in a good state it won’t matter much when people can’t tell.

Too much carpet

When it comes to factors that will lower the value of your home, some are obvious, and true in every case, but others are less expected. Carpets are all about personal preference, so you might think they wouldn’t have a huge impact on the value of a property. Too much of it, however, can often be unappealing to potential buyers.

There are various reasons that people don’t like carpets, such as the fact that they can be difficult to clean and maintain, and they can also trap odors and allergens. Homes with too much carpet can therefore be less desirable to potential buyers.

This will be even more significant if the carpet is in a bad state. Things like stains, tears, holes, or other signs of wear and tear will immediately put people off. As tastes change, certain carpets can also quickly become outdated, so those looking for a modern home will become less interested.

You should also bear in mind that there are some areas of a home where hardwood or tile flooring is more common. It’s not often you see carpet in a bathroom or a kitchen, for example. These can decrease the value of a home by a surprising amount.

Unnecessary or poorly made upgrades

You may think that all upgrades are a good thing, but this isn’t always the case. Unnecessary or poorly made upgrades can greatly reduce your home’s property value.

Some upgrades may not interest potential buyers, and when done poorly, they can indicate a lack of attention to detail. Bad upgrades may also indicate that the home’s construction is sub-par or that it hasn’t been maintained properly, potentially putting people off.

For example, a high-end luxury kitchen in a low-end neighborhood probably won’t appeal to many buyers in the area. It may also cost significantly more to install than it adds to the value of the home, making it a poor investment.

Interior aesthetics

Interior aesthetics play a major role in determining a home’s value. Poor aesthetics will naturally interest people less, so fewer people will consider buying it. This can relate to all kinds of things such as poor lighting, small or cramped rooms, and other issues with the home’s design and layout.

Buyers will look at an entire home and consider how everything works together. With that in mind, bathrooms and kitchens can often be the most important rooms to many buyers.Bathroom

A bathroom can quickly look outdated, so having one that doesn’t fit modern trends will have a sizable impact. Even if the rest of a home is perfect, an old-fashioned bathroom can be a make-or-break component for many buyers.Kitchen

Similarly, kitchens can quickly become outdated, and for many buyers, this will be an even bigger issue than an outdated bathroom. The state of your kitchen could well be the biggest factor when it comes to selling your home. Modern appliances will not only improve the look but make it more functional, which is always ideal.

It’s also important to note that both kitchens and bathrooms need to be kept clean. If either of them seems unhygienic, it will make your home much harder to sell to anyone

Get the best offer for your property from iBuyer.com

Now that you know what brings down property value, you can start to take action. When it comes time to sell your home, you will be glad for any previous work you’ve put in to make it more appealing to buyers.

The entire selling process can be incredibly long-winded and time-consuming. You can make things much quicker and easier, however, by using iBuyer. Simply enter your address and we’ll quickly be able to a cash offer, saving you a huge amount of time.

Click here to get a valuation for your home today.

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In 2022, Miami’s metro area population was 6,215,000. Compared to 2021, this was a 0.78% increase.

With its rich culture and diverse background, it’s easy to understand why people are flocking to Miami. There’s available access to some of the world’s finest beaches, beautiful weather year-round, and plenty of opportunities to enjoy outdoor activities.

There’s also no state income tax in Florida which adds to a thriving Miami housing market. Coupled with a good job market, the Sunshine State has quickly become a haven for residents from other states looking to relocate or simply vacation for an extended period of time.

However, people looking for short-term rentals have affected the Miami Housing Market. In addition to the shortage of available housing, there are other issues Miami’s real estate market presently faces. This helpful housing guide outlines what you need to know about the Miami housing market along with trends in market reports.

Keep reading to learn more.

What experts say 2023 holds for Miami real estate

According to Ines Hegedus-Garcia, Avanti Way Realty’s executive VP, should mortgage interest rates continue to soar, the sale price of homes might take a hit. A decline in mortgage rates may ultimately lead to a robust home sale market in 2023, with demand staying strong.

Arenci Properties Realty’s CEO, Fernando Arencibia Jr., explains that South Florida’s real estate is unique. South Florida’s real estate boasts high “in-migration” on an international and domestic level.

Should mortgage rates increase throughout the year, South Florida’s cash buyers and inbound movers can sustain the housing market. This may prevent home prices from crashing.

However, buyers will still meet calmer conditions, even if prices continue to appreciate.

Airbnb strains out Florida’s pricey, tight housing market

According to a recent report from a housing expert with Florida Atlantic University, renters in South Florida blame popular short-term rentals for expensive home rental prices. Condos, townhomes, single family homes, and apartments rented out for less than six months at a time negatively impact locals. For example, locals looking for year rentals find themselves without viable options.

This negatively impacts Palm Beach, Broward, and Miami-Dade counties. Ken H. Johnson, FAU’s finance professor, compiled anecdotal evidence to conclude these statements. He gathered information from 200 developers, tenants, and real estate agents in 2022.

Since Miami is amongst the world’s most expensive Airbnb market across the globe, locals are finding it difficult to compete with short-term prices. Short-term rental prices average $8,024 a month, according to a 2022 study by Compare the Market. This makes Miami the third most profitable city for Airbnb compared to other Airbnb rentals worldwide.

A Nothern American spokesperson for the Miami Herald explained that Miami commonly sees extended stays of greater than 28 days. Miami’s beautiful weather and plethora of outdoor activities make it an ideal place to live, work, and visit.

Johnston also explained that Miami homeowners should press for lease deals that are long-term. This helps the regional housing market and homeowner’s bottom line.

Renters are forced to take on roommates or cancel their leases. They may have to move back home with their parents.

This puts landlords at risk of not finding steady renters. The recession might mean less demand for short-term rentals but maintain demand for long-term rentals.

An unstable economy forces people to avoid short-term rentals. Less remote work and fewer vacations. It also adds to a reduced need for short-term rentals.

Airbnb remains committed to supporting housing solutions, as the vacation rental industry positively affects Florida’s economy.

Miami Beach doesn’t permit Airbnb rentals in the vast majority of residential areas. Anyone who has an illegal Airbnb may face fines from $20,000 to $100,000. However, those fines were reduced in 2018 after Airbnb sued.

Short term rentals

Professor Johnson from FAU concluded that short-term rentals negatively affect South Florida’s traditional home rental market. This information is largely anecdotal.

Some of this information comes from various conversations with real estate developers, real estate agents, and tenants. However, this information is consistent with national studies previously conducted.

A solution could be policymakers levying taxes on anyone renting their home for less than a year. This would help locals find access to year-long rentals.

It’s also worth noting that Miami-Dade County should experience a decrease in how quickly rental prices increase. This is good news for renters struggling to afford a competitive housing market.

A majority of people in South Florida spend over a third of their monthly income just on housing costs. Many essential workers were pushed out of Miami-Dade. They were unable to afford the area after the pandemic.

At one point, Miami-Dade announced a state of emergency because of housing. Mayor Daniella Levine Cava allocated funds for rental assistance. These funds were in the tens of millions of dollars and went to the neediest residents.

There is still an ongoing discussion over long-term solutions for affordable housing, especially workforce housing.

Coconut Grove residential market comes down to earth

Realtors have begun to see Coconut Grove’s residential market normalize. There’s low inventory and high prices with the pace of development most likely decreasing over the next year.

There’s also an increased demand due to heightened migration. As people migrate to Miami, there is also a lack of available inventory.

This continues to drive up rental prices. As such, locals are left racing to find rentals within their price range.

People are migrating from other states and new businesses and companies are expanding to Miami, making it their headquarters. Christine Martinez de Castro, CMC Group’s director of sales and marketing, explained that Miami still has lower home prices per square foot when compared to other major cities.

She explained that the increased demand and low inventory have slowly become a normal cycle for the housing market with prices remaining steady.

Year-over-year, the listing median price for Coconut Grove single-family houses has increased. Rocket Homes explains that, as of November 2022, the median home sale price is $1.4 million. This equates to roughly $701 per square foot.

Compared to November 2021, this is a 25% increase. There have also been 25.2% more homes sold than a year prior.

Since 2021, the cost of one-bedroom homes and apartments increased by 40.4%. The average price was $275,000 and is now $386,000.

For Miami home prices, two bedrooms increased by 40.6%. This rise went from $675,000 to $949,000.

A three-bedroom apartment was valued at over $1 million in 2021 and is now $1.6 million in November 2022. This is a 39.1% increase.

Coconut Grove homes increased during the last year when compared to other local luxury residential real estate markets. Grove Isle increased by 45.5% in the last year. Sunrise Harbor increased by 52.9%, according to Rocket Homes.

The future of new development

Arnaud Karsenti of 13th Floor Investments believes the pace of development is expected to slow down in the next year.

Experienced developers will need to focus on starting fewer projects. This is an opportunity for them as reduced construction leads to an improved cost of building. This move will be strongly bolstered as the economy improves down the road.

Vita at Grove Isle, CMC Group’s brand new residential development located in Coconut Grove, will feature 65 luxury condos. The price starts at $5.1 million for three to four-bedroom dwellings.

According to Ms. Castro, Grove is running out of space for development. This makes Vita one of the only remaining sites to have water views that are completely unobstructed.

An increased price-setting ability comes from Coconut Grove’s restricted residential supply. This makes the area one of the strongest rental unit markets, according to Terra Group’s CEO David Martin.

Martin explains that Coconut Grove’s rental prices are most likely amongst the county’s highest. This is likely due to little new supply and high interest in that particular housing market.

Terra Grupp is presenting Grove Central with a 23-story tower complete with 402 apartments. These multi-family apartments are brought to Grove Central by the developer GRP Grove Metro Station.

The tower features 170,000 square feet of retail space. There are 1,295 residential and commercial parking spaces as well. The tower is conveniently located in Coconut Grove, next to the Metrorail station.

Understanding the Miami housing market

The Miami Housing Market may significantly change over the next year. A shortage of short-term rentals has placed a strain on locals in search of affordable housing.

Additionally, experienced developers may need to reduce the number of projects they begin in the future. This will hopefully lead to a reduced building cost.

If you’re looking to sell your house fast, there’s no time like the present. iBuyers can help you sell your house the quick and easy way, so be sure to contact us today. We’ll connect you with an iBuyer in your area.

The post The Miami Housing Market in 2023 – Here’s What 3 Reports Say appeared first on iBuyer Blog.

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Are you looking to sell your house but don’t know where to start? Did you know that 99% of millennials and 90% of baby boomers search for their next home online? That’s right, the majority of home buyers are now turning to the internet to find their dream home.

So, it’s important to list your property on the best real estate websites to reach as many potential buyers as possible. In this article, we will take a look at the top-performing real estate companies and their websites that can help you sell your house quickly and for the best price possible. Let’s dive in and explore the best real estate websites for selling your house!

1. iBuyer.com

Best for instant offers

If you’re looking for a fast and easy way to sell your home, iBuyer.com might be the best real estate website for you. iBuyer.com is a service that allows you to sell your home quickly without having to go through the traditional selling process.

Instead of listing your home with a real estate agent and waiting for a buyer to come along, iBuyers will make you a cash offer for your home. Typically within 24 to 48 hours.

Here are some of the benefits of using iBuyer.com:

• iBuyer.com offers a fast and convenient way to sell your home
• With just a few clicks, you can get an offer for your home and close the sale within a few weeks
• Buyers buy homes as-is, sight unseen, so you don’t have to worry about making any repairs or staging your home to attract buyers
• iBuyer.com doesn’t charge any commissions or fees to sellers, which means you get to keep more of the sale price

These are some of the downsides of using iBuyer.com:

• iBuyer.com offers can be less for your home than you would get if you sold it on the open market
• iBuyer.com is currently only available in select markets, so you may not be able to use the service if you live in a less populated area
• You may not get the same level of personal attention and guidance that you would with a traditional real estate transaction

Most reviews for iBuyer.com are positive. Customers highlight the service’s straightforward process, easy transactions, fast process, and clear communication. Many customers appreciate the lack of realtor involvement and report receiving multiple offers in a short time.

Overall, iBuyer.com seems to be a popular option for those looking to sell their homes quickly. Minus the hassle of traditional real estate transactions.

2. Orchard

Best for convenient selling

Orchard is a real estate website that aims to simplify the home selling process for homeowners looking to sell their houses quickly. The service allows you to buy a new home before you sell your old one. Orchard also offers a range of services designed to make the selling experience as convenient as possible.

Here are some of the benefits of using Orchard to sell your house:

Orchard offers a simple and straightforward selling process

• It provides homeowners with competitive offers that are fair and reflective of the current market value of their house
• Orchard purchases houses as-is, so homeowners don’t have to worry about making any repairs or renovations before selling
• Orchard provides professional support throughout the entire selling process

Despite these benefits, there are some downsides to using Orchard to sell your house:

• Orchard is currently only available in a few select cities so not all homeowners will be able to use their services
• Homeowners may have less control over the selling process compared to traditional methods
• Orchard may be convenient but its fees, closing costs, and mortgage repayment could end making it a pricier option

Overall, Orchard has received mostly positive customer reviews on websites like Trustpilot and Better Business Bureau (BBB). Clients found the buying and selling process to be straightforward and comfortable with excellent customer service. However, some customers were dissatisfied with Orchard’s unethical behavior and lack of expertise. Some home buyers also felt the process was irresponsible on their part.

Orchard has been accredited by the BBB since August 2018 and has received 10 complaints in the past 3 years. Out of 18 customer reviews on Better Business Bureau, Orchard has a rating of 3/5 stars.

3. HomeFinder

Best for finding local buyers

HomeFinder is a real estate website that specializes in connecting homeowners with local buyers. The website offers a range of services designed to help homeowners sell their houses quickly and easily to buyers in their area.

Here are some of the benefits of using HomeFinder to sell a house:

• HomeFinder’s local focus can be helpful for sellers who want to find buyers in their area and easily
• Despite this, HomeFinder still a wide reach and can connect sellers with potential buyers across the country
• HomeFinder offers a range of listing options that can be customized to fit the seller’s needs
• You can search through off market properties and foreclosures

Despite these benefits, there are some downsides to using HomeFinder to sell a house:

• Compared to other real estate websites, HomeFinder may have limited features and tools for sellers
• Some of HomeFinder’s services are only available to sellers who pay a fee
• HomeFinder.com hasn’t received many customer reviews online but those we found were mostly negative. Complaints are primarily about customer service, hidden fees, and lack of information.

According to Consumer Affairs and Trustpilot, HomeFinder.com has a rating of 3.1 and 2.8 stars out of 5, respectively. Of the 17 reviews, only 3 found the services satisfactory. Additionally, RevDex shows that eight highly unsatisfied customers have given HomeFinder a rating of only 1 star out of 5.

Overall, it is recommended that anyone considering doing business with HomeFinder takes all necessary precautions.

4. RealtyTrac

Best for foreclosure listings

RealtyTrac is a real estate website that specializes in foreclosure listings. This makes it an ideal choice for home buyers who are interested in purchasing foreclosed properties.

Here are some of the benefits of using RealtyTrac when selling or buying a home:

• RealtyTrac has a large inventory of foreclosed properties, giving buyers a wide range of options to choose from
• The website provides detailed information about each property
• RealtyTrac offers customized alerts that notify buyers when new foreclosed properties become available in their area
• It provides professional support to buyers throughout the entire purchasing process

However, there are some downsides to using RealtyTrac:

• RealtyTrac focuses exclusively on foreclosed properties, which may not be ideal for buyers who are interested in other types of properties
• Because RealtyTrac has such a large inventory, buyers may face stiff competition from other interested parties

The online reviews for RealtyTrac are mostly negative. Most of the negative reviews are from customers who were charged after the trial period ended. This is despite the website clearly stating that this would happen if they did not cancel before the trial ended.

One long-term customer of over five years complained that the website had gone downhill and was not what they signed up for. Despite this, some members still praise the service for being easy to navigate.

5. Zillow.com

Best for comprehensive listings

Zillow.com is one of the largest real estate websites in the US, with over 200 million unique visitors per month. Here are some benefits and downsides of using Zillow.com for selling your house:

These are some of the main benefits of using Zillow:

• Zillow.com offers a wide range of listings, including houses for sale, apartments for rent, and even real estate investments
• The website is completely free to use for both buyers and sellers
• Zillow.com is easy to use and navigate, even for people who are not familiar with real estate services
• The website offers detailed information about each property, including photos, location, price, and features

Here are some downsides of Zillow to consider:

• Zillow.com offers a feature called “Zestimate” that estimates the value of a property based on a variety of factors
• These estimates are not always accurate and can vary significantly from the actual market value of the property
• Zillow.com offers limited control for sellers over their listings
• Sellers may not be able to add or remove certain features from their listings or make changes to their pricing strategy
• Due to the popularity of Zillow.com, there is a lot of competition among sellers to get their listings noticed

Zillow has low ratings on Trustpilot and ConsumerAffairs.com. Many customers complaining about outdated listings on the website. Additionally, Zillow has received a D+ rating from the BBB, with 679 complaints filed against the company in the last 3 years.

Some customers have also reported poor customer service, with slow response times and unresponsive email communications. However, positive reviews often mention specific realtors associated with Zillow, rather than the website itself.

6. Sundae

Best for competitive cash offers

If you’re looking to sell your home quickly and get a competitive cash offer, Sundae is a great option to consider. Sundae is a real estate platform that focuses on buying homes in need of repair or renovation. This means they can offer cash offers that are often higher than traditional buyers.

Some of the benefits of Sundae include:

• Sundae offers a simple and fast process for selling your home
• They provide competitive cash offers that can be higher than traditional buyers
• Sundae can close a sale in as little as 10 days, which is much faster than traditional home sales
• They handle all aspects of the home sale process, including cleaning and repairs

Here are some of the downsides of using Sundae:

• Sundae focuses on buying homes in need of repair, which means they may not offer as much for homes in good condition
• It only operates in select markets, so not all homeowners may have access to their services

Sundae has received mostly positive reviews from customers. On Reviews.io, it has a 4.9 out of 5-star rating with 470 reviews, and on the BBB website, it has a 3.96 out of 5-star rating with 94 reviews. Sundae has an A+ rating and has been accredited by the BBB since 2019.

The positive reviews generally praise Sundae for making the selling process easy and quick. They appreciate that most of the process is conducted online. However, negative reviews tend to focus on sellers being dissatisfied with the low offers they receive for their properties.

7. Beycome

Best for FSBO

Beycome is an online real estate platform that connects buyers and sellers directly, cutting out the middleman. It’s an excellent option for homeowners who want to sell their house without the help of an agent.

The benefits of using Beycome for selling a house include:

• One of the biggest expenses of selling a home is paying real estate agent fees but with Beycome, you can avoid these fees and keep more money in your pocket
• When you sell your house using Beycome, you are in complete control of the process
• This includes your price, your listing, and negotiating directly with potential buyers
• Beycome provides a listing on the MLS (Multiple Listing Service), which is the database used by real estate agents so your home will be visible to a wide audience of potential buyers
• While you won’t have an agent representing you, Beycome provides professional support to help you throughout the selling process

Here are some of the downsides of using Beycome:

• While the MLS listing does provide exposure, it may not be enough to reach all potential buyers
• Without an agent, you may miss out on some buyers who are only working with agents
• Selling a house without an agent means you will have to do all the work yourself, including taking care of paperwork and negotiations
• Beycome is primarily focused on connecting buyers and sellers, and they don’t offer some of the additional services that a real estate agent might provide
• This means staging, professional photography, or marketing materials are all up to you

The majority of the online reviews for Beycome are positive, with many users noting that the website is easy to use. However, some negative reviews mention bad communication and lackluster customer service from Beycome. Some users also wished for more support in the selling process.

8. Lower.com

Best for low mortgage fees

Lower.com is a newer player in the online real estate industry that offers a streamlined, digital mortgage process with low fees. Here are some benefits and downsides of using their service:

Here are some of the benefits of using Lower.com when selling or buying a home:

• Lower.com offers some of the lowest fees in the industry, which can save you money in the long run
• The entire mortgage process can be completed online, making it more convenient and accessible for buyers
• Lower.com promises a quick turnaround time on mortgage applications, so you can close on your home faster
• It offers a personalized experience by matching you with a loan officer who can guide you through the process and answer any questions you may have

These are some downsides to consider:

• Lower.com only offers conventional, FHA, and VA loans, so if you’re looking for other loan types, you may need to look elsewhere
• Lower.com is an online-only lender, so if you prefer to meet with someone face-to-face, this may not be the best option for you
• Unlike some other online lenders, Lower.com doesn’t offer a wealth of educational resources to help you understand the mortgage process

Lower.com has an A+ rating from BBB and has been accredited since June 2022. It has received 45 complaints in the last 3 years for Lower.com but it has 4.84/5 stars from 16 customer reviews on the BBB website. On Trustpilot, Lower.com has a 4.9 out of 5 stars rating from 2,627 reviews.

Use the best real estate websites to reach more buyers

Selling your house can be a daunting task, but with the help of the best real estate websites, it doesn’t have to be. We’ve covered some of the best real estate websites and companies that can help you reach more buyers and sell your house faster. So, whether you’re looking to sell your home quickly, get a fair price, or avoid dealing with a realtor, there’s an option out there for you.

To find out more about selling your house and getting a cash offer, head to our home page and submit your home address now.

The post The 8 Best Real Estate Websites for Selling Your House appeared first on iBuyer Blog.

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