31.7% of listings now reduced and how to use market conditions to your advantage

In this video, we delve into the dramatic transformation of the real estate market within just two short years, focusing on the vibrant community of Lakewood Ranch, Florida. As of April 25, 2024, interest rates have surged to 7.5%, defying earlier predictions of a drop in the first quarter of the year. The repercussions have been profound, with a staggering 31.7% of all listings experiencing price reductions due to the impact of these elevated rates. Sellers are now grappling with the reality that their homes are overpriced, necessitating adjustments to attract potential buyers.
Contrary to the fervor of two years ago, buyers are exhibiting a cautious approach, refraining from the previous eagerness to make purchases. Resale properties have encountered a significant obstacle in the current market climate. Meanwhile, in popular searches like "moving to Florida" and "safest places to move to Florida," Lakewood Ranch stands out as a compelling relocation destination. A new dynamic is emerging in this sought-after area, particularly with the surge in new construction. Builders are enticing buyers facing high interest rates with substantial incentives, including generous closing cost coverage, design upgrade credits amounting to thousands of dollars, and temporary rate reductions of up to 2%. Moreover, buyers can secure fixed rates at significantly lower levels by leveraging relationships with preferred lending companies or utilizing the builder's recommended financial partners.
Additionally, consider leveraging a seller's motivation by negotiating a much lower price to offset the higher interest rates. If you love a home and can afford it, don’t walk away just because you think it's priced too high. With houses sitting on the market for extended periods due to overpricing, there's room for negotiation. You could also explore building your own home, leveraging builders' urgency to move properties quickly to maintain cash flow. This could lead to advantageous deals such as design upgrade credits, closing cost credits, and temporary rate reductions. Consider leveraging the purchase of a new construction home as a strategic move in this evolving real estate landscape.
If you're interested in Lakewood Ranch, Florida, and surrounding areas, feel free to contact us at
Brian & Julie Riggs
Lakewood Ranch Florida Experts
[e-mail]
Phone 📱 502.548.4849
Website freedominflorida.kw.com
For any inquiries or to book a in person or virtual showing send us an email at
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Need help finding a home in Lakewood Ranch, Florida and surrounding areas?
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[@Jac5425]

Great advice, thank you Brian and Julie!

[@MOVINGTOWESTCOASTFLORIDA]

Any time!