Navigating the 2024 South Florida Real Estate Market: Trends and Mortgage Rates

By: Justin J. Shepard Esq.

As we enter the third month of 2024, many homeowners and prospective home buyers are beginning to look toward the market for their next landmark purchase or sale. With the late spring / early summer stretch of the calendar year historically being the most active months of the real estate market (specifically the months of April, May, and June), consumers are keenly honed in on current interest rates whether they are homeowners looking to refinance or prospective purchasers getting ready to make the leap into homeownership.

South Florida Real Estate Trends 2024: What Buyers and Sellers Need to Know

At the January 31, 2024 meeting of the Federal Reserve (the “Fed”), the body ultimately decided not to issue a rate change, maintaining the status quo for the time being. Despite attempts to decrease rampant inflation through a steady increase in rates over the past two years, inflation has not slowed or reversed the trend enough to warrant the decrease in rates despite an evident and gradual slowing of rate increases. This doesn’t project to be the story of 2024, however, as inflation is heading closer to the Fed’s target, signaling that there will likely be up to three rate cuts this calendar year. These rate cuts should provide a much-needed boost to consumer purchasing power as many consumers over the past two years have found themselves priced out of the market due to rising rates and skyrocketing home prices.

Mortgage Rate Predictions for South Florida Homeowners and Buyers

Data from BankRate as of March 7, 2024, shows that the current average interest rate for a 30-year fixed-rate mortgage is sitting at 7.02%, which is a 13-basis point decrease from this same time last week. While the current 30-year rate shows a clear difference from the sub-4% rates that were on the market just two years ago, the current 30-year rate has seen some significant decrease from the 2023 average high of just shy of 8%.

• Current 30-year fixed-rate mortgage average: 7.02%
• Significant decrease from the 2023 average high

Ultimate Guide for Buying a Home in South Florida in 2024

The upcoming home-buying season should trend upward despite the current mortgage market. Increases in home prices nationwide are slowing, and in some areas are declining, reversing the spike in home prices that began during the COVID-19 pandemic. Coupled with anticipated interest rate cuts this year, the market should be more attractive and affordable for first-time home buyers and for current homeowners looking to refinance or sell their existing home and purchase another one.

Top South Florida Mortgage Refinancing Tips for 2024

• Consider the timing for refinancing to maximize benefits from predicted rate cuts.
• Evaluate shorter-term mortgage options for potentially lower rates.
• Consult with real estate experts to understand market trends and refinancing options.

Essential Advice for First-Time Home Buyers in South Florida

The attorneys at Scott-Harris are ready to help you tackle your home buying journey in this uncertain but exciting time in the industry. From contract drafting, title issuance, loan document review, all the way to walking you through the closing process, the attorneys of Scott-Harris are a phone call away from making your home-buying or selling dreams come to reality. Give us a call at (561) 624-3900 or get in touch at scott-harris.com to find out more today.