Homeowners and Buyers Fears Increase as the Housing Shortage Continues to Loom

Owner of Mizner Real Estate, Offers Solutions for Buyers and Sellers Still Searching for the Perfect Home

BOCA RATON, FL / ACCESSWIRE / May 19, 2022 / The National Association of Realtors recently reported that the current housing market is continuing to outpace supply. The competition for homes will intensify in 2022 before waning in 2023, due to a projected mortgage rate increase from the current average of 3.3% to a possible rise of 6% in 2023. To add to the housing crisis, one in two renters pays more than 30% of their income for rent due to rising rental costs. Because of this trend, owning a home is currently out of reach for many.

According to the Christian Science Monitor, the current low mortgage rate environment has also been the catalyst for increased market demand. This factor has substantially escalated the pricing of residential homes, up nearly 30% since 2020, particularly in states such as Florida.

Roger Plevin, a realtor and owner of Mizner Real Estate in Palm Beach County, Florida, says the current concerns for buyers and sellers is at a fever-pitch right now primarily because many people feel they are being "priced out of paradise." As a solution-oriented realtor for 19 years, Plevin states the current market has presented an intense challenge for both sellers and buyers.

"With the pandemic of 2020 launching chaos on the world, it seemed heaven-sent for the real estate market," Plevin states. "Home buyers were motivated to move out of the cities and into safer, less dense areas." Plevin notes that the escape from the cities of the Northeast, Midwest and California, as well as international buyers, created a frenzy of buying, severely diminishing the inventory of homes, especially in Florida.

"Because of increased competition, the average buyer loses their bid on two-home offers, before eventually succeeding to secure a win by the third try," Plevin states. "For the homeowner, there is a concern over finding a new residence which negates for some, selling at a premium price. This home seller's reticence has added to the diminished home inventory currently experienced."

Yet, Mizner Real Estates notes that the solution is to not dwell on the problems experienced in the current market, but rather "engage these issues with viable solutions." According to Mizner, both sellers and buyers should do the most they can to prepare for an intense market by preparing their finances and doing extensive research.

"What's happening now is that you have multiple buyers wanting the same house," Plevin reveals. "But if every homeowner looking to sell focused on promoting their homes to as many buyers as possible as well as showcasing their home's best features, it would feel like more of an even playing field. Applying these techniques would also help those homes that have been on the market for a while."

ABOUT MIZNER REAL ESTATE

Mizner Real Estate has been servicing the residential needs of sellers and buyers of luxury homes in Palm Beach County, Florida, for the past 19 years. Mizner Real Estate earned the designation of a Luxury Home Marketing Specialist and the respect of industry peers and clients. For more information, visit Mizner Real Estate on Facebook or YouTube. For additional information, visit RogerPlevin.com.

CONTACT

Roger Plevin
561-707-7960
palmbeachagent@yahoo.com

SOURCE: Mizner Real Estate