The news has focused on climate change lately. Unpredictable weather patterns are everywhere, including tornadoes, hurricanes, extreme heat and cold, fires and other natural disasters. Builders and homeowners will start to notice these changes and plan accordingly. It’s a great place to use solar energy because of all the sunshine in Florida. Homeowners who have installed solar power in 2022 will be eligible for a 26 percent federal tax credit. This is to help combat climate change. We will see smart homes in new and existing buildings, as well as alternative energy. Homeowners can reduce their energy consumption by using technology to control heating, cooling, and lighting. This will not only impact your energy bill, but also the climate. You’ll have the coolest house in the neighborhood, literally and metaphorically!
Prices for homes rising
We have seen that home prices have risen in the wake of the pandemic. Fannie Mae projects a 6.8% increase in single-family homes in South Florida by 2022. We know that the pandemic caused a significant increase in home prices, but we also know that real estate has been affected by the pandemic. Although home prices will continue to rise, they may not so quickly. Buyers and investors should expect modest increases in home prices until we learn more about the next 12 months.
Housing supply and interest rates
Due to the Federal Reserve’s announcement that the interest rate for mortgages will remain low, the rates will likely stay relatively low in 2022. The low interest rates have allowed more people to buy their homes. The trend of moving people from the rent to the buyers’ market, as well as the migration of Parkland residents has created a shortage of housing inventory. These factors will continue to affect the availability of homes as well as other areas in the Miami-Dade area through 2022. The area needs to be developed. Many residential buildings have been delayed due to the US’s ongoing supply chain problem. As supply problems decrease, the building will move forward as more inventory becomes available.
You can see that there are new developments in South Florida’s real estate market. This makes it a great time to invest in Fort lauderdale. The Dotoli Group can help you make the next move.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for Seven Isles Homes for sale, we are the real estate team for you!