Having spent over 30 years in the real estate industry, Craig Studnicky, the CEO of ISG World and RelatedISG, has a wealth of knowledge regarding the hyperlocal markets in South Florida and across the U.S. Studnicky founded ISG World (formally known as International Sales Group) nearly 30 years ago. The firm has handled over $12.5 billion in pre-construction sales and marketing. RelatedISG Realty, formed in 2011, represents the South Florida tri-county resale market. The firm has over 375 agents and has done over $485 million in sales as of the third quarter of 2021.
“We proudly represent some of the most prestigious developers and financial institutions in the country, providing tailor-made real estate sales and marketing services,” Studnicky says. “Because we have spent years side-by-side with the world’s most talented architects and developers, we are empirically experts in product design and site evolution.”
With vast experience in the tri-county area and the nation, Studnicky provided a glimpse into what homebuyers can expect this summer.
“All over the country, buyers are hoping for news that the [Federal Reserve’s] rate hikes have lowered prices,” he says. “We’re starting to see stagnation in some areas, particularly in the north where the population is decreasing due to people relocating. However, in regions like South Florida, it is as if mortgage rates never went up. Prices continue trending upwards. This is likely to persist as people continue to relocate here despite historically low inventory levels. The National Association of Realtors recently reported that we hit an all-time low number of homes for sale, with less than a million homes on the market. In comparison, 1.5 million homes were on the market before the pandemic.”
With South Florida continuing to attract out-of-town buyers and professionals looking to relocate due to the flexibility of remote work, the interest rate increase has not impacted the market as some buyers hoped.
“While it’s true that rate hikes have priced many buyers out of the market, many more are still ready to pull the trigger,” he says. “If we can learn anything from the South Florida market’s reaction – or lack thereof – to the Fed’s rate increases, it’s that qualified buyers who have been waiting out the market hoping it will cool off are unlikely to see that day come any time soon. As people continue to relocate to South Florida, those buyers who have been waiting will find themselves far behind other prospective buyers in the market. Despite the recent increases, interest rates are still lower than average, and there is inventory available for those prepared to negotiate and navigate the current state of the market.”
