Should South Floridians buy a home now in hot housing market or wait until interest rates fall?
Many aspiring homebuyers are scratching their heads, as they ponder the South Florida housing market — record-breaking median prices four consecutive months despite plunging sales, and interest rates on mortgages have climbed to a 20-year high. Is now really the time to buy or would it be better to wait and continue renting, perhaps as long as midyear 2024 when interest rates likely will be lower? What are the risks and rewards of buying now or sitting on the sidelines until later?
