In the springtime, we typically see flowers and “For Sale” signs bloom on the yards of many houses across America. In Florida, where many apartments and condos don’t use these signs, we see a flood of advertisement across the social media vying for buyer’s attention.
Just because there are many properties for sale, that doesn’t mean this is the right time to buy one. According to REALTOR.com, here are the points to consider before making a decision.
One of the strongest characteristics of the Florida market is that it doesn’t have very pronounced peaks and valleys in supply and demand. This is because the state is constantly attracting visitors, buyers, buyers and investors due to its pleasant weather, stable economy, and resort lifestyle. As well, visitors and investors buy these properties without the consideration for the nearby schools or the school calendar year.
However, if you are buying a property during the spring season, which goes between the months of April and June, here is what you should consider:
Inventory – There is a larger pool of properties in the market, taking its time to sell. Many parents wait for their children’s finals to be over to start looking for a house near a new preferred school, and foreigners are waiting to see a positive change in the exchange rate.
Competition – If you wait too long, you might not get the house you were hoping to get, so it is best to get started and be prepared with your paperwork as the market heats up. Get your pre-qualification loan documents, start looking for the areas you want, and be ready to make a bid on the house of your choice.
Prices are still high – If you make an offer on a property now, you might not be able to negotiate it to a lower price; prices are still firm. People are still testing the market, and only after they see that their properties are not selling, that they will lower it.
Easier timing to move – If you have children, it is easier to move in the summertime, without affecting the school calendar.
After June, comes the vacation time, where many renters come to Florida to visit the area, and enjoy the many parks, shops, restaurants, and fall in love with the place. Oftentimes, they leave with the strong desire to move to the “Magic City,” as Miami is called. Many buyers are looking for an opportunity, a great buy, and better deal.
Inventory – Now, inventory starts to go down, and it is easier to find a better deal, where you can negotiate.
Weather – July, August, and September brings summer storms, and it is not easy looking for a house when you have to brave the unpredictable tropical storms in the area. Many people forget to add that factor in the mix.
Timing – Some properties have been in the market for a long time, and now, you can better negotiate the price.
You can consider all these factors and still realize that you are the one that determines when is the best time to make your decision. Now is always the best time to look for the property. If you are looking for a best fit, you should look during the high season, in the springtime, when you have more options, and buy it afterwards, when you have more leverage, if the property is still available.
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