Some may say that anytime is the best time to buy a house in Florida. However, just like any other location, certain factors affect house prices, availability, and more. Let’s take a look at what you need to know about the best time to buy.
There are a few factors to consider that can help make buying a home easier. Here are the top ones:
The amount of available homes on the market is very important. It all boils down to supply and demand. So, when many homes are on the market, prices will down, and vice versa. Hence, this plays into the best time to buy because when homes are abundant on the market, a buyer can negotiate better prices.
How Many Days Has the Home Been On The Market?
Always remember that time and price go hand in hand. The longer a home is on the market, the more potential buyers can negotiate the price down. Just beware because some houses stay on the market for longer because they are overpriced. It’s best to do some research to see what comparable houses in the same area have recently sold for.
Tourist Season in Florida
Buying a house in Florida may be better when it’s not tourist season. This is the busiest time of the year, and some visitors may be looking to move there permanently. When multiple buyers are interested in the same home, it’s not uncommon for the sales price to exceed the list price.
Timing the Market
As we mentioned above, timing the market requires you to balance a couple of things: price and inventory. Most agents agree that you can find the best deals in the winter months. Though you may find a home for a lower price, there are usually fewer homes on the market to pick from. This is because median selling prices are usually higher during the summer, so many sellers wait until then to put their house up for sale.
Sellers who decide to sell in the winter are usually desperate to get out from under the house due to financial or personal reasons. One thing to keep in mind is that these types of sellers won’t necessarily do repairs or updates to the home and sell it on an “as is” basis. Hence, you can find great deals on fixer uppers during these months.
To put this into perspective, Redfin found that the median home price during the winter months in Florida is $241,000 compared to roughly $252,000 in the summer. That’s a price difference of over $10,000!
Buying a House in Florida
In the end, there are many things you need to take into consideration before buying a house in Florida. Remember to consider the things we discussed and choose a reputable realtor who’s knowledgeable about your desired market. At Tropic Coast Homes, we have great-priced homes year-round. See our Houses for Sale in Southwest Florida.