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April 2023 Market Update in Broward County

May 25, 2023

Wow! New listings to the market have decreased over 23% for single family and over 4% for Townhomes and condos. The pending sales have also decreased in both categories. The good news for sellers, this pressure on low inventory is still driving the price up. We are beginning to see multiple offers submitted on our listings for single family while there seems to be a little more stability in the townhome/condo market.

What this mean for you!

If your a seller, there is still a big demand but pricing your home right is the key. We see homes staying on the market much longer because sellers are thinking we are still in the same market we were last summer. Be sure to seek good counsel when pricing your home.

If you’re a buyer, we are still seeing sellers working with concessions to help offset the higher interest rates. Also, the state of Florida will be offering a first time home buyer program making it possibly to get closing cost assistance starting in July. Also, working with a good buyers argent to structure offers that meet the best terms of the sellers are winning. It's not always about the highest offer that wins.  

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