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Florida Keys Home Market is Shifting

The market is shifting 💫
Expert insights from one of our top producers and Florida Keys Board of Realtors president, Claire Johnson.

I have good news for homeowners here in the Keys/Islamorada. For the last 2 years, there’s been an elephant in the room that no one wants to talk about. The hard truth is, any homeowner with a pulse knows (and has known) they could make a lot of money by selling their house.
But, the question no one had an answer for was, “Where do I go?”
For the last 2 years, it’s been HARD to be a buyer in this market. Really hard. Homes have been selling quickly at record prices.
Which means it’s been a great time to sell your home, but nearly impossible to find your next one.
But that is all changing now.
Buyers may not “feel” it yet, but as a full-time Realtor here in the Keys/Islamorada, I do. Because I am constantly seeing offers and writing offers on homes, I tend to sense these shifts before my clients do.
The market is shifting.
Homes are sitting a little longer.
Price reductions are happening.
This is really good news for buyers. Buyers actually have a much better chance of finding the home they want today than they did just 30 days ago.
But that’s also really good news for sellers, too.
Sellers have a much better chance of finding their next home now. In many cases, sellers can even make an offer contingent on selling their home — that was unheard of just a few months ago!
So the good news is: The elephant is gone. The market is shifting. And that’s actually a great thing.

Give me a call if you have any questions: (305) 731-4602.
– Claire

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The Average Homeowner Gained More Than $55K in Equity over the Past Year

If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you.

Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest,  so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogicexplains:

“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.”

The latest Homeowner Equity Insights from CoreLogic shed light on just how much rising home values have boosted homeowner equity. According to that report, the average homeowner’s equity has grown by $55,300 over the last 12 months.

Want to know what’s happening in your area? Here’s a breakdown of the average year-over-year equity growth for each state based on that data.

The Average Homeowner Gained More Than $55K in Equity over the Past Year | MyKCM

How Rising Equity Impacts You

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale.

In a market where you’re gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home. So, if you’ve been holding off on selling and worried about being priced out of your next home because of today’s home price appreciation, rest assured your equity can help fuel your move.

Bottom Line

Equity can be a real game-changer if you’re planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.