Florida’s housing market is always in the news. This might be because it is one of the most beautiful and commercial locations in the US. The endless facilities and amenities make it the best place to live a peaceful and happy life. However, it is important to evaluate the market and check whether it’s in
Florida’s housing market is always in the news. This might be because it is one of the most beautiful and commercial locations in the US. The endless facilities and amenities make it the best place to live a peaceful and happy life. However, it is important to evaluate the market and check whether it’s in your favor or not before entering into any real estate deal.
Florida Housing Market: Is it a Good Time to Buy?
The average home price in the summer of 2021 was more than $382,000, which was a bit lower than the national average of $385,000. Simply put, Florida’s housing market has significantly improved during the COVID crises. Due to this, experts are considering a seller’s market, as buyers are paying more than they should. Since Florida’s real estate will be stable soon, you will be able to find luxurious and beautiful houses at a huge discount.
So, unless you are willing to take the risk of investing at a high value and selling low, we will not recommend you to purchase a house in these conditions. It is important to note that in the last recession, property values had dropped around more than 60%.
Florida Housing Market: Is it a Good Time to Sell?
As we have discussed, right now, Florida is a seller’s market. Simply put, if you want to earn incredible profits, then now is the best time to achieve your goal. The inventory is pretty low, which gives the edge to sellers to sell at higher prices. You can determine whether it is a seller’s market by checking whether sellers are cutting their prices. If the listing prices are not declining, then the demand for the properties is higher. Simply put, there is no room for negotiations.
Another thing that supports this claim is that houses stay on the market for relatively fewer days. Not to mention, due to strong demand, it’s challenging to find homes in your desired neighborhood. Most people are also negotiating the rentals to sell their houses.
This way, some properties are sold even before they hit the market. Note that people are purchasing houses due to attractive mortgage interest rates. You can easily find loans at a fixed interest rate of 2.5% for loans with a term of 15 years.
Hottest Housing Markets in Florida
Whether you are thinking of buying or selling, you need to know the hottest housing markets in Florida in 2021.
The inventory in this market is low, with 1,600 properties for sale in May 2020 and 539 homes in May 2021. It is important to keep in mind that the number of properties has reduced by 68.3%. On the other hand, the average home price reached $330,000 in May 2021.
Port St. Lucie
When it comes to Port St. Lucie, the housing inventory has reduced to 52% in May 2021. Additionally, the prices reached $295,000 in May 2021.
There were almost 1,370 properties for sale in 2020, which greatly declined and reached 554 in May 2021. Not to mention, the average home value soared to 26.7%, which makes it a perfect seller’s market. To be precise, the median price reached $304,000 in May 2021 from $240,000 in May 2020.
Being a seller’s market doesn’t mean that you have to sell the property. On the other hand, not having real estate conditions in your favor doesn’t mean that you can’t invest in a property. Besides checking out the housing market trends, you also need to consider your requirements and needs. So, make a decision that can facilitate you the most. If you want to learn more about Florida’s market, you can check I Need House Info for further information.