In the world of real estate, few voices hold as much authority as that of the Chief Economist of Miami Realtors, Gay Cororaton. With a pulse on market trends and economic indicators, Cororaton's insights provide a roadmap for buyers, sellers, and investors alike. As we venture into the second half of 2023, her predictions for the Miami real estate market offer a tantalizing glimpse into what the future holds.
Mortgage Rates: A Balancing Act
One of the key factors that can significantly influence the Miami real estate market is mortgage rates. According to the predictions of the Miami Realtors Chief Economist, mortgage rates would likely start coming down towards 6% by mid-year and 5.5% by the end of 2024 as inflation eases to 2.5%.
The typical mortgage payment will fall by about $100 per month by June next year, assuming home prices rising at a single-digit pace of 5% and the 30-year fixed rate moves down to 6% by mid-year.
Expect a stronger housing market in 2024 as mortgage payments fall next year.
This dynamic could contribute to a steady flow of activity in the Miami real estate market throughout the rest of the year.
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