JUNE: My Read of the South Florida Real Estate Marke

JUNE: My Read of the South Florida Real Estate Market

With the Iranian situation still unresolved, uncertainty continues to hang over the economy. And when uncertainty rises, consumers tend to pull back, protect their cash, and wait for a greater sense of stability.

High gas prices are already forcing many families to spend less on everyday goods. In fact, roughly two out of three households are cutting back.

Until there is a clear path toward resolution in the Strait of Hormuz, expect volatility, caution, and the unexpected.

We are still in the heart of the annual buying season, which typically runs from March through July, but the tailwinds are not quite as favorable as they looked earlier in the year.

Inventory has improved, and buyer activity is still present, but interest rates have moved back up after showing signs of easing. Freddie Mac reported the average 30-year fixed mortgage rate at 6.51% as of May 21, up from 6.36% the prior week.

That matters because higher rates affect affordability, buyer confidence, and the urgency to make a move. When payments rise, some buyers pause, some lower their price range, and others step back completely.

In general, I still believe the market has another 6 to 9 months of cooling in its immediate future. Depending on interest rates, inflation, geopolitical uncertainty, and overall economic confidence, that cooling could be more noticeable than many sellers expect.

As always, my advice is simple: act based on the market we have today, not the one you hope we might have tomorrow. You cannot predict the future, but you can make a smart move with the information available right now.