Another month in 2022! Meteorologically speaking, the official first day of spring is March 1st. Weather scientists divide the year into quarters to make it easier to compare seasonal and monthly statistics from one year to the next. But of course the first day of spring is usually around March 19th to the 21st each year. Here in Florida we don’t have that much of a change with spring weather other than the blooming of new trees and plants which brings the high pollen counts from March through May. We joke about the seasons in Florida being spring and summer, then back to spring.
This year, we are rounding the corner of covid, masks and the pandemic in general. However, now prices are escalating in every direction. From groceries to gas to home prices it seems inflation is also around the corner and it is difficult for many families to keep up. The housing market shows no sign of slowing down in costs, mortgage rates are going up and rental home prices have also increased dramatically. Builders cannot get the materials they need or the proper construction employees to keep up with demand and some of the builders of new developments are predicting that it will take from 18 to 24 months to complete some new homes, where it used to take 6 or 7 month. It seems the housing shortage will continue for awhile longer.
Real estate markets fluctuate regularly and in time it will stabilize but for now it is difficult for first-time homebuyers, those with low downpayment mortgages, young families wanting to move up to larger homes, seniors wanting to move down to smaller homes and many just wanting to move!
So, is now a good time to buy? It depends on every individual situation. The current market will require a lot of patience and a lot of guidance with an experienced realtor. But finding a home is not impossible so we will do our best and keep marching on!