ORLANDO, Fla. – The combination of inflation and higher mortgage interest rates is making the American dream of homeownership nearly impossible for many in Florida to afford.
Overall, home sales in Florida are down more than 27% from last year because of the interest rates and lower-than-average inventory — along with sky-high prices.
The average 30-year mortgage rate is approaching 7%, which is nearly two points higher than a year ago and almost double as compared to two years ago.
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In Orange and Seminole counties, the median home price is almost $432,000 — up 24% — in just two years.
Experts advise buyers to prepare to settle for less than your dream home and bring cash offers to close quickly.
However, real estate experts remind prospective buyers that if you buy now, you can always refinance later when interest rates go back down.
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