The market is starting to stabilize which translates to homes sale prices decreasing or maintaining rather than increasing. There will be some growth but it will be slower than the previous two years. The hottest price point right now for buyers in South Florida is 400,000-550,000. With the amount of inventory coming on the market, homeowners are facing a buyer's market. This means that homes are worth what buyers are willing to pay for them to a reasonable degree.
According to Florida Realtors®, "For home sellers, they need to recognize those days of frenzied market are over. They must price competitively to sell their home," said Lawrence Yun, the chief economist at the National Association of Realtors®. "For buyers, there will be challenges when it comes to rising interest rates, but they don't have to make hurried decisions anymore."