A large number of people from all over the country relocate to the Sunshine State each year (especially near Sarasota) to escape bad weather, raging traffic, or burdening taxes. Florida can offer you beautiful beaches, a tropical climate, and low taxes. Still, buying a house is a complex process. Most homebuyers have to spend weeks hunting properties, filling out various forms, and investing your savings wisely to secure an ideal home. Florida homebuyers need to be aware of the seasonal variation in prices to get the best deal for their dream home. Number of houses listed for sale, market trends, competition, and mortgage rates vary from month to month. Determining the best time to become a homeowner in Florida means understanding the pros and cons of buying an estate at different times. Continue reading to find out what is the best time to look at estates in Florida.
Research shows that in the previous few years, listing prices were the lowest in April. The biggest number of homes for sale was also in April. The warm weather and end of the school year are great both for buyers and sellers. Houses look great in the spring sunlight, so the lovely spring weather makes homebuying an enjoyable experience.
Sale prices are higher during the summer. The majority of sellers will wait until then to list their estates when lots of buyers are on the hunt. Statistically, the median sales price of a house in Florida is approximately $10,000 higher during the summer compared to the winter. Sales prices are at their maximum during June. If you’re looking to sell your home and buy a new one in Florida, summer may be the right time to do it. There’s a good chance you can time your sale and purchase together. However, be aware that the temperature and humidity in Florida skyrocket in July and August. Searching for estates can be less pleasant in those months.
Fewer houses on the market and lower prices in the fall
There are fewer houses and fewer homebuyers on the market during the fall. Still, the majority of sellers would like to avoid moving during the holiday season. That can give you more room to negotiate when you make an offer. Families that look for estates in Florida during the spring and summer usually want to settle in a home before school starts. If you can wait with your home purchase until October, sellers may be more likely to lower their prices. They can provide you with an opportunity to get a good deal.
You can fetch a reasonable price during the winter, too. As it is with fall, during the winter, you’re likely to fetch a good price. Yet, there may not be as many houses on the market to choose from. Most sellers will suspend their listings from around Thanksgiving to the New Year. The people who are selling their properties in the winter are probably doing it because of a really bad financial situation or immediate need. Those kinds of sellers usually don’t stage the house before selling, as they want to get the process done as soon as possible. That is why you can find some great homes on the market with a low price during the wintertime and have significant savings. On the other hand, relocation can be more difficult during the winter, especially if you come from a state that has harsh weather.
Best time to look at estates in Florida: Other Factors
Seasonality may play an important role in the homebuying process, but there are also other equally important factors to consider when determining the best time for you to buy a house on Florida’s Gulf Coast. These are:
• Housing market conditions – Mortgage rates usually follow the Federal Reserve’s interest rate. For example, when the Fed lowered their rate in response to the COVID-19 pandemic and economic struggles in 2020, mortgage rates also dropped. That had a significant influence on homebuyers across the U.S. When interest rates are low, homebuyers should take advantage of that.
• Trends vary by location – Specific cities and specific areas in those cities may see different trends from the overall market. Popular cities and neighborhoods have higher prices and lower inventory no matter the season or other factors.
• Personal readiness – You should make sure your debt is under control and feel secure in your employment and income before buying an estate. Moreover, you must be ready to move and live in a new area. Be prepared to handle the various aspects of homeownership.
Moving To Your New Home
Once you find your perfect beachside home among Sarasota’s barrier islands, you should declutter your former home, get rid of all excess stuff, pack your belongings carefully and prepare for the move. At the same time, look for appropriate assistance during the process. With professional help, moving will be much easier, and you won’t be so exhausted when the process is over. Also, you’ll be able to enjoy your new estate to the fullest, right from the start. You’ll have time to think about decorating, potential upgrades, and updates.
There is no universally correct answer to what is the best time to look at estates in Florida. It depends on your situation and your priorities. Even though state-level data can give you some basic insight into Florida’s housing market, price trends can vary from city to city. If you want to get a better idea of when to buy a home in your target market, speak with a local real estate agent who specializes in Sarasota County & surrounding communities. They know the market and local trends well enough to advise you based on specific data for each particular city or region. There is no time like the present, so if you decided to own a home, and if you already have enough savings and know your priorities, the best time to look at estates in Florida is – right now.