5 Florida Real Estate Market Trends
The real estate market is ever changing. Home prices go up and down, listing time frames vary by season, mortgage rates fluctuate, and buyer/seller preferences shift as well. It is important to understand current market conditions before buying or selling a home. Here are 5 Florida real estate market trends that might help in your buying and selling efforts.
Going, Going, Gone!
It’s a seller’s market right now, which means there’s high demand and low supply. When there are more buyers than there are listings, things get pretty competitive. The lack of inventory has left a void - and that’s why properly priced homes are selling quickly. Which leads us to the next trend…
Pricing is important in any type of market. People commonly mistaken a seller’s market as an opportunity to price as high as your heart desires, but this can quickly backfire. Properly priced homes will sell very quickly; overpriced homes will not. In a hot market, a home that doesn’t sell right away will grow stale even quicker than it would in a buyer’s market.
Prices Trending Up
Real estate prices in Florida are still on the rise. Economic growth and an increase in better paying job opportunities are bringing higher-income buyers who are both ready to purchase and have a vested interest in staying. This upswing in prices is expected to continue.
Mortgage Rates Rising Too
Unfortunately, mortgage rates are on the rise too! For now, that doesn’t seem to be impacting prices. Thus, buyers who delay end up paying more for a home and a higher interest rate! At the moment, time is of the essence and it’s better to buy sooner rather than later.
Think Outside the Bubble
There’s always talk about real estate bubbles and when they’ll burst. This can scare some buyers and sellers. However, remember that the Florida market is a bit unique. It attracts both local and out-of-state buyers no matter what the season. This can shield it from some of the fluctuations seen in other markets.
More Florida Real Estate Trends
Even within the state of Florida, individual markets can be unique. Sometimes adjacent cities can have different market trends. To truly understand your specific market, work with a local real estate professional! Our Florida agents have in-depth knowledge of the markets in which they work and can provide you with invaluable guidance and support. Contact us today for assistance!