Real Estate Deal Killers 2023 Edition

Real Estate Agent with RE/MAX Coastal Properties SL3446053

Real Estate Deal Killers 2023 Edition 

Considering a home purchase in 2023? Like with any purchase, current market knowledge is key. Let's take a look at some of the challenges (and solutions) to the 2023 real estate market.

    1. Higher Interest Rates--Over the past few years interest rates (the cost of borrowing) has been kept artificially low. Sellers who were able to lock in 3% are hard pressed to purchase a new home at 8%. Likewise for buyers the higher rate means a lower purchase price. 
    2. Increased Insurance Cost-- Thanks to a string of natural disasters, insurance companies are feeling the pinch. Combine this with overall inflation  means MUCH higher insurance rates. 
    3. Lack of inventory-- Depending on the market, overall listing count is down 30-50% below Pre-Covid norms. Lower inventory is keeping upward pressure on pricing even in the face of higher rates.
    4. General Economic Uncertainty-- World events and negative economic news litters the media. Going into an election year expect more of this. 

So what does all this mean. Is real estate dead? Is homeownership a hobby of the BabyBoomer generation? When I consult with home buyers in Destin Florida here is what we discuss...

1) Take Stock of YOUR financial position-- Is your job secure (relatively speaking)? Do you have a bunch of high interest debt (credit cards, medical bills, student loans)? How long do you plan on living in the area? The buyer's response will determine the appropriateness of a home purchase. 

2) Solve the interest rate dilemma- I am not one to advocate "date the rate, marry the house". None of us have a crystal ball. Rates may NEVER come down, or perhaps they will. Get prequalified based on TODAY'S rate. If they go up later who cares? Your rate is (or should be) locked. If they decline simply refinance. 

3) Find the Needle in a haystack-- During the last 18 months or so I have been finding more off market homes for my buyers. What's the best way to get a good deal? Not having to compete with a baker's dozen of other home buyers! 

4) Get Insurance Bids EARLY in the process-- In the "good old days" insurance quotes were one of the last steps in escrow. Today I encourage to get bids as soon as a contract is accept. 

Markets are always shifting one direction or another. The key is having an experienced agent guide you through the process. Need a top agent in Destin Florida? Call Doug Rogers (318) 613-1994. Prefer to start the process online? Go to Destin Real Estate to explore properties listed on the local MLS. 

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Searching for a Top real estate agent in Destin Florida ? Need help selling your Emerald Cost home? Either way call Doug today!

Doug Rogers

Real Estate Agent 

RE/MAX Coastal Properties 

Destin Florida 32541



(318) 613-1994

 Equal opportunity housing. Doug Rogers is a licensed real estate professional in Florida and Louisiana. Each office independently owned and operated




Comments (27)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Doug,

I'm so glad that Kathy Streib featured your post in her "Ah-ha" moments for the week. We are all seeing some roadblocks or bumps in the road now but you've provided potential buyers 4 things they can be proactive about!  

Sep 17, 2023 07:39 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I agree with you. If they can afford to buy at today's rates, do it. If rates go down they can refinance. 

I do wonder if home prices will drop. I read that they're down 3.4% nationwide, but don't know if it's true. After all - fake news abounds! And of course, every market is unique. 

Sep 17, 2023 08:36 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Doug Rogers  I agree with George Souto. These rates are not high when compared to previous years. I am pleasantly surprised that there are still many buyers who realize it is a good time to purchase a home. Glad Kathy Streib Featured 

Sep 17, 2023 12:22 PM
Edward Gilmartin
CRE - Boston, MA

Get used to high insurance costs and 6% interest rates that are the norm historically 

Sep 17, 2023 02:26 PM
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 602.710.8161 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Great points, Doug. Your Buyer clients are very lucky to work with you, with all your knowledge, skill and especially the ability to find off-market deals in this market.

Sep 17, 2023 04:10 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Doug Rogers 

   Good points, especially about the interest rates... buy it TODAY NOW, you can always refinance if there is a significant drop.

  May I add, I suggest to Buyers that they meet their insurance agent (or agents) early in the buying process.  Just like when they talk to a lender / pre-qualify before they start the house hunt.

    Of course the State Farm guy can't give you a quote until the subject property is identified, but they can educate and prepare the Buyer for what to expect.  Especially if they will be looking at coastal control line or waterfront property, flood zone, or other high-risk houses.

Sep 17, 2023 05:27 PM
Doug Rogers

Sound advice about meeting the insurance person at the start!

Sep 18, 2023 07:04 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

As long as it doesn’t smell bad in any of the homes that’s my main thing. Do you know what I mean?

Sep 17, 2023 10:08 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

I like item #3. The shark-feeding frenzy from last year was not fun for buyers.

Sep 18, 2023 06:02 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

Congratulations on the feature. Well done posting especially as others have said regarding interest rates.

Sep 18, 2023 11:29 AM
John Juarez
The Medford Real Estate Team - Fremont, CA

Excellent suggestions, Doug.

For those who choose to wait until rates go down, prices go down, more houses come on the market...please share with me the time period in which you expect those things to happen.

Sep 18, 2023 07:12 PM
Mercedes E. Santana
Santana Property Group - New York, NY
Investment Properties

Good job Doug.

I agree with you about interest rates...

Sep 18, 2023 07:16 PM
Kat Palmiotti
406-270-3667,, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

All are excellent points. My first home purchase was double digit interest. I totally agree that if now is the time to buy a home, buy what you can afford and if rates come down in the future, refinance.

Sep 19, 2023 04:37 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I am so glad that Kathy Streib featured your post - I missed it before - all great suggestions to solve problems we are facing now

Sep 19, 2023 05:57 AM
Toby Barnett
KW North Sound - Marysville, WA
Toby Barnett

I'd like to add strict income requirements for borrowers (buyers). We're seeing local lender's underwriters calculate income in a variety of ways and st notably, averaging.

Sep 19, 2023 07:23 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Great information. The biggest issue in our area is interest rates and inventory. When you look at historical interest rates, that don't seem as bad. Housing inventory is tough in our area for first time homebuyers. I don't work with rentals but I hear complaints on different social media channels about the high rents. As our area grows, it is becoming harder for people in the service industry to live in our community.

Sep 19, 2023 07:42 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That insurance gonna be a little bit tough to handle you can get through it with the right head on your shoulders, and the right people in your life, I suppose

Sep 19, 2023 08:15 PM
Russell Bean
Bean Consultants & Assoc. - Eufaula, AL

Great points.  The factors you pointed out have always been part of the real estate market and always will be the factors.  There may be more specific factors such as Covid that occurred.  The solutions you listed are key factors that will help buyers or investors navigate the ever changing real estate market. Very good post.

Sep 20, 2023 12:25 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I'm right there with you on interest rates.  Who knows if they will come down?  Better to assume you will have what you lock and be able to afford that.

Sep 20, 2023 05:34 PM
Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

In rural markets, there is a steady migration for folks who pack their job with their personal belongings. Small towns that have long and strong Internet connections mean cash not financed sales. And the house prices, (car and home insurance too) are so much lower that if you have to finance, the mortgage is short and sweet smaller. 

Sep 21, 2023 03:19 AM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

People still need to move. Granted, only the most serious buyers and sellers will be making those life changes, but as long as we are top of mind, we will persevere. 

Sep 26, 2023 03:36 PM