How Long Will the Current Housing Frenzy Last?
Whether you are looking to purchase your first home or you are selling property to start fresh elsewhere, if you are involved in any type of real estate transaction currently then you know that the country is in the midst of a housing frenzy. With the price of homes in the United States reaching record breaking highs, you may wonder if this frenzy will ever end. While the end may not be as near as some would like, housing economists have assured that the housing frenzy cannot last forever.
The Law Offices of Daryl L. Jones, P.A is a top-rated real estate law firm helping clients in South Florida handle all of their real estate transaction needs. While it has been reported that housing prices are growing six times faster than wages, home prices cannot outpace the growth of income forever.
Is the Current Housing Frenzy Going to End?
With soaring mortgage rates and a potential recession on the horizon, you may wonder how long the current housing frenzy will last before the market crashes altogether. A housing frenzy is a term used to describe a growing shift in the market. In other words, many sellers take advantage of the real estate market by listing their properties at higher-than-average prices. In response, buyers are backing off due to rising interest rates and inflation which are making homes less affordable.
As of July of this year, the buyer frenzy of the past year has begun to slow and taper off. Note, this does not necessarily mean the majority of housing is expected to go down in price, but that its growth has slowed substantially.
How Can a Real Estate Lawyer Help You in the Current Housing Market?
Whether you are the buyer or the seller, taking part in a real estate transaction in this current climate can be stressful. With the housing frenzy winding down and a potential market crash on the horizon, it may be in your best interest to retain the assistance of a South Florida real estate lawyer. A real estate lawyer may be able to help you through the buying and selling process. The benefits you may gain from retaining a real estate lawyer include:
Ensure the Property Is Fit for Use
If you are the buyer, your lawyer can investigate the different restrictions placed by zoning and land use laws, examine the regulations instituted by a homeowners association if applicable, and investigate any easements on the property that could restrict your ability to make renovations or expansions.
Uncover Any Outstanding Liens
An issue with a chain of title can lead to someone else having the right to claim ownership over your property after the purchase is complete. Your real estate lawyer will perform a title examination and title search to uncover any liens on the property that could lead to a real estate dispute in the future.
With the help of your lawyer, you can get pre-approved for a mortgage loan that will best suit your needs.
Prevent Legal Disputes
There are various legal disputes that can arise during a real estate transaction as the buyer or the seller. However, when you work with an experienced attorney, you may be able to avoid these issues.
To get help with any of your real estate legal needs, contact a South Florida real estate lawyer as soon as possible.
Speak With a Top-Rated Real Estate Lawyer Today
Whether you are a buyer or a seller, the current housing market can be overwhelming. To ensure your real estate transactions are handled without issue, retain the help of a South Florida real estate lawyer as soon as possible.
The Law Offices of Daryl L. Jones, P.A is a South Florida real estate law firm with over 30 years experience helping clients avoid legal disputes when going through the real estate transaction process. To schedule a free initial strategy session, contact us here or call 786-876-9604.