Properly tracking the market is a big part of what makes a real estate professional useful to a buyer or seller. The average individual who doesn’t have the knowledge or time to keep an eye on the real estate markets in Florida. They won’t know how to price their property or the right way to stage it to increase what they can ask for the home.
As a real estate professional, you help provide guidance and advice to your clients that will get them into a house quickly or help them sell their homes for the best price possible. What are some of the Florida real estate trends that will impact people buying properties?
Property prices are on a double-digit upward trend
According to recent information released from Florida Realtors, property values in Florida have made impressive gains in recent years.
On average, the typical selling price for a home in Florida has gone up 18.3% in the last year. Sellers can command more for their house now than they may have a few years ago, and buyers will be able to afford less house for the same amount of mortgage.
Cash offers continue to dominate the residential market
For years, cash sales remained a small but noticeable aspect of the residential real estate market in Florida. These days, cash transactions have become much more prominent. September saw a 38.5% increase in cash sale closings in 2021 compared to the same month in 2020.
Investors now compete with first-time homebuyers for properties and may be able to push them out of the market because of how many restrictions. Sellers are often eager to take cash offers not limited by contingencies.
New listings are still rare on this market
A lack of inventory is part of what has driven the surge in prices and the number of cash transactions taking place. With few properties going up for sale, there is substantially more competition for the homes that do reach the market. Real estate listings don’t reach the market at nearly a high enough rate to make a property available for everyone searching for Florida real estate right now.
Agents representing both buyers and sellers can use this market information to better assist their clients. Keeping an eye on the local real estate market can help professionals provide the best guidance for their clients hoping to buy or sell properties.