Florida in demand
Post-pandemic, the Floridian housing market was pushed to its limit, with a surge of people opting to move to the Sunshine State thanks to the rise in remote working opportunities. According to data from the Census Bureau, Florida’s population jumped by 1.9% in 2022, adding 738,000 new residents and earning the title of the fast-growing state in the US.
“High demand in the state only happened because a lot of people moved to Florida,” added Slyusarchuk, noting that this influx of new residents has contributed to a lack of available inventory. While she acknowledges that inventory issues have emerged in waves throughout her career, the current situation is particularly challenging, following a decade of relative stability.
But it’s not just the influx of residents that’s creating havoc in housing, interest rates have played a pivotal role in driving buyer behavior, with rate cuts briefly spurring refinancing activity in September.
“We started to have a little refinance [activity] at least back in September,” Slyusarchuk recalled, but noted that the momentum was short-lived as rates began to rise again in October. These fluctuations have added to the complexity of the mortgage market, particularly as buyers navigate an already competitive landscape. The summer months in Florida are typically slow for the real estate market, but activity tends to pick up in the fall, adding further pressure as the number of buyers increases while inventory remains constrained.
Staying ahead in the mortgage market
For Slyusarchuk, one of the key advantages of working with A&D Mortgage is the speed at which it operates – closing deals quickly even in the fast-moving asset market.