Florida realtor says homes are staying on the market longer

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LAKE COUNTY, Fla. — Data from Moody’s Analytics shows Florida’s year-over-year inflation sits at 3.99%, which is above the national average of 3.5%. With interest rates in the 7% range, home buyers and even sellers are seeing a change in the housing market.

What You Need To Know

  • Data from Moody’s Analytics shows Florida’s year-over-year inflation sits at 3.99%, which is above the national average

  • Despite inflation rates, realtor Regina Cruz-Morales still sees a steady stream of sellers and buyers, especially folks from out-of-state 

  • As interest rates remain high, Cruz-Morales is seeing homes on the market for a longer period

  • She said sellers may need to entice buyers by lowering prices to offset the interest rate or help with closing costs

Despite inflation rates, Keller Williams realtor Regina Cruz-Morales still sees a steady stream of sellers and buyers, especially folks from out-of-state.

But for Florida buyers, the strategies she’s using to get the best deal for her clients are a bit different, especially with prices on the rise.

“Inflation affects everything, especially in real estate. When prices go up at restaurants, at the grocery stores, in services then obviously people have to spend more money which leaves less money in the bank for them to save money to purchase a home,” said Cruz-Morales. “The number one key I would say when working with a buyer is to make them feel comfortable in a great home that they can afford.”

As interest rates remain high, Cruz-Morales is seeing homes on the market for a longer period.

She said sellers may need to entice buyers by lowering prices to offset the interest rate or help with closing costs.

“Everything in real estate is off of supply and demand. We’re still seeing builders build homes because we have this huge demand of people moving into Florida,” said Cruz-Morales. “Buyers should look at both resale and new construction as long as the monthly payment makes sense. What builders will do is they would adjust that interest rate so buyers can afford that monthly payment.”

But as home prices continue to trend up, Cruz-Morales said it’s a difficult market to break into, but not an impossible one.

Central Florida has a number of home buying assistance programs.

The City of Orlando, Orange County and Lake County have down payment assistance programs for qualified first-time homebuyers.

The State of Florida also has the Hometown Heroes Housing program, which helps Floridians in certain careers help buy their first home.

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