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What You Need to Know About the Spring 2023 Real Estate Market

As you all know, I love my food, but when it comes to desserts, in my opinion, there aren’t many things that are better. I was in the mood for some ice cream, and I’ve heard a lot of great things about Sparky’s Sweet Treats, most notably, their nitrogen ice cream.

They also serve non-human food, including treats for your pups, and Sparky’s is named after a real dog, named Sparky! I’ve heard so many great things about the nitrogen ice cream that I had to try it out.

I went with the Sparky colada which is Pina colada, coconut flakes, and some cherries! When you add in the nitrogen, it comes out at a whopping negative 320 degrees, which is…… cold. Since the ice cream is so cold, it sticks together more than your average ice cream. The spoon starts off blue, but since the ice cream is so cold, the spoon actually changes colors. This ice cream was such a delight; not only is it made from scratch right in front of you, but it’s also so fresh and creamy. Since this ice cream is so unbelievably cold, you do not have to worry about this melting within a few minutes and you can really take your time in enjoying this ice cream. I don’t typically do this, but I have to rate Sparky’s nitrogen ice cream a 10 out of 10 on the #FoodiePhil scale. There are other places that serve nitrogen ice cream, but nothing can compare to how Sparky’s does it. I highly recommend this place and if you’re in Key Largo, give me a call so we can enjoy a Sparky’s snack together, and bring your dog too.

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Where should I go next?! Send me your recommendations!

The spring season is a hot time for home buying, but this spring is shaping up to be a pretty weird one. In this week’s newsletter, we will discuss why this spring isn’t going to be the typical spring season in the world of real estate and we would like to highlight 3 reasons as to why it won’t be your typical Spring season, based on a recent article by Bank Rate.

1. The Inventory

2. The Pandemic

3. Home Prices and Mortgage Rates

1. The Inventory

As we have highlighted in previous newsletters, the inventory of homes for sale has been on the low side for quite some time. Many people are asking, why is the housing inventory so low right now? Well, there are many factors that go into this. First, homebuilders are finding themselves short of land to ramp up new builds, but also labor and supply shortages have taken their toll, including shortages in lumber, appliances, windows, and even garage doors. According to Lawrence Yun, chief economist at the National Association of Realtors, the most intense shortage is in the supply of homes priced at less than $500,000. Builders are now shifting their focus to higher-priced homes, which certainly does not help the inventory on homes priced less than $500,000. Since the demand for home buying is still very high, that will continue to keep home prices on the high side as well.


2. The Pandemic

These days, we can blame almost everything on the pandemic, even if it’s not truly the pandemics' fault. One thing that we can absolutely blame on the pandemic is how it has changed normal buying patterns in the home buying process. Typically, in the wintertime, many homeowners plan on listing their homes for sale. They go through important aspects such

as hiring a listing agent, updating their homes to get maximum value, and the best way to stage their home. In spring 2020, when the pandemic first hit U.S. soil, it basically canceled the spring home-selling season. Fast forward to a year later in spring 2021, it was the complete opposite. Some feel that the spring 2022 market will be similar to the spring 2021 market, where you have a ton of buyers but not a lot of sellers, which ultimately gives the sellers the advantage here when it comes to getting the best offer on their home. Some feel that seasonality is completely done with and that the spring market has already started. This spring will certainly be one to remember!


3. Home Prices and Mortgage Rates

One thing that I would like to point out is that with such a low housing inventory, this is still a seller’s market. They are calling the shots and taking top dollar for their homes, often, more than what the home is even worth. With the inventory low, and the demand the complete opposite, this has been driving home prices up. Like most things, when something is in demand but there aren’t many available, the price is typically higher than what it should be. Since the housing demand is so high and the inventory so low, sellers are having an easy time setting the price and getting what they expect, and oftentimes, are getting even more. With mortgage rates on the rise, it could slow the home buying process a bit, but since there is such a demand for home purchases, it may not make a noticeable difference.


With a low inventory working to sellers' advantage and the pandemic turning the typical seasonal buying process upside down, it’s not the easiest time for homebuyers. On top of that, home prices are increasing as well as mortgage rates. It seems like many things are working against homebuyers, but that will not stop the demand that we are currently seeing. All in all, it will be a very interesting year in real estate!

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