????I keep hearing "I'll wait until the rates fall a bit", but are the rates really that bad right now? Historically, they are about where they normally would be on average. The red line on this Federal Reserve chart that tracks the average 30-year fixed rate back to 1971 shows where we stand right now vs over the past few years. There are 4 really good explanations for the real estate market being so slow right now... ????Rates were artifically low over the past few years. If you're sitting at a 3.5% rate, why would you move? It makes it difficult to justify putting your home on the market if your new home is going to cost you a ton more than what you're paying now. That means there are fewer homes on the market. ????Taxes have skyrocketed. As values have increased, so have taxes. In Florida, the taxes on your homestead can only increase by a small amount each year. That means when you go to buy a new home, you might get sticker shock. ????Florida insurance rates are out of control. Thank hurricanes and door-to-door home improvement salesmen saying "I can get your insurance company to pay for your roof". ????The future is uncertain. Politicians from both political parties have spent money poorly. The additional currency in circulation and the debt we are incurring as a nation (government and personal) causes our dollar to devalue and we get more and more inflation. Not knowing what is next has most people frozen where they are. That causes a downward spiral...
