Top Coconut Grove and Coral Gables Luxury Home Realtor, Ashley Cusack, issued a report that reviews the potential impact of higher interest rates on the active Miami real estate market. Home inventories remain low, especially in the luxury large home market.
Why Coconut Grove
Miami Market Will
Remain Hot, Top Coral
Gables Realtor Report
Top Coconut Grove and Coral Gables Luxury Home Realtor, Ashley
Cusack, released a report that makes the point that higher mortgage
rates are not having a significant impact on the hot Miami real estate
The Miami real estate market has
been a major topic of conversation
amongst local homeowners for some
time, but over the most recent period
mortgage rates have been the hottest
The historically low interest rates that had been in place for some time, have
slowly been ticking up lately, which created concern with many local Miami
homeowners that the market would start slowing down.
At the time Cusack's report was
written, interest rates for a 30-year
fixed mortgage were hovering in the
2.8% - 3.4% range.
While many of you have seen 30-year fixed mortgages as low as 2.4%, Cusack
believes a bump of under half of a point will most likely not prevent any of you
from seeking financing, so is unlikely to negatively impact the levels of activity in
Cusack points out "Most economic forecasts
that I have seen have indicated that
mortgage rates will stay low for the
foreseeable future, particularly as the
government is trying to keep the economy
moving and growing in light of the
Perhaps that will change, but it seems as though rates will remain similar in the near future, thus
keeping Miami's market hot!" One of the reasons Cusack believes in the resilience of the Miami
market is that it features a higher percentage of larger homes than most others.
"Coconut Grove, Coral Gables
and South Miami are especially
strong in the larger home
With many of these being waterfront properties, these add
another lifestyle dimension that buyers are looking for"
In an analysis of the current state of
the national real estate market,
Realtor.com found that, "Bigger is
definitely better again when it
comes to houses.
In these post lockdown times, home buyers seem desperate for more space,
whether for a bi