Buyer Demand Simmers Waiting for Rates or Prices to Drop

Buyer Demand is Higher than it Appears.

It’s no secret that we’re in a difficult real estate market for homebuyers.  Interest rates are high.  Home prices are high.  Inventory is low.  According to Jessica Lautz of National Association of Realtors, we’re facing the “most difficult affordability conditions in nearly 40 years” as quoted in Florida Realtors recent article.  These factors are barriers in the homebuying process, however, there is still a demand from buyers.  

Buyer Demand

The Florida Realtors article goes on to say: 

“Among prospective home buyers, Asian (27%), Hispanic (24%), Black (20%) and white (15%) respondents say the main reason they have not yet bought a home is because they are waiting for prices to drop. Prospect homebuyers also cite other reasons, including: waiting for mortgage rates to decline (18%-25% of all four groups) and not enough available homes within their budget (19%-24% of all four groups).”

Discrimination

Not only are we in a challenging market, but, unfortunately, racial discrimination can also be a reality in the home buying process.  Though most racial discrimination in homebuying goes unreported, it can be revealed when homebuyers are guided toward or away from neighborhoods, also known as “steering”, or during the lending process.  In Florida, discrimination reports can be filed through HUD.

Financing Programs & Down Payment Programs

As for financial challenges to home buying, there are assistance programs that can prove incredibly helpful for some home buyers. Florida Housing offers assistance for home buyers, including down payment assistance programs.  The Hometown Heroes Program is an option for first-time buyers in Florida who are employed in certain professions. Additionally, there are federal home loan programs such as FHA, VA and USDA.

Fluid Realty

Although times are tough for home buyers, it can still be a wise time to buy for some people.  We know the numbers can be daunting.  There’s a lot to consider.  Fluid Realty is here to help.  Reach out to us today if you’re interested in buying or selling.

The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage.  We provide a full-service experience with the best realtors in the area.  Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.