Time is a factor that cannot be disregarded when it comes to making big purchases. If you are ready to dive into this exciting and quite stressful time and buy a house or a condo of your own, there are certain things you should consider before you even start looking for properties.
Florida’s real estate market is one of the most thriving and rich in offers. Additionally, the state boasts low income and property taxes, no estate taxes, and the impeccable year-round weather that drives thousands of tourists to the Sunshine state every year. However, it still follows the same general rules every other estate market in the country does. So whether it is your first time buying a house or a condo in Florida, or Miami, or in the United States as a whole, there are certain factors that could affect your purchase satisfaction that you should be on the lookout for.
When we are talking about the best time to buy a house, we do not only mean the time of the year. The economic climate could also be acting in your favor or vice versa.
Best time of year to buy a condo or a house in Florida
The best time to buy a house or a condo very much varies from state to state. As we are talking about Florida, the situation is significantly better than in many other states in terms of a variety of options that you can find. In a word, it is easier to fit your purchase plans to the state’s dynamics of the best time of year to buy a house or a condo.
However, Florida’s real estate market is affected by seasonal changes. It’s a state with a distinct season that starts off in November at the earliest and typically lasts up until May. The rise of the demand allows home sellers to keep the prices up which results in higher average prices on homes and condos in Miami and Florida in general during the season. The real changes happen in January and the prices start going up until June.
Is now a good time to buy a property because of the low interest rates?
2020 could be considered an unprecedented and risky year in terms of how fast things could shift due to circumstances that can unfortunately be beyond our control. The Federal Reserve announced it would be buying mortgage-backed securities when the fixed-rate mortgages jumped to being 4% after being set between 3.25 % and 3.5% for several decades.
This is why it is important for you to establish whether the 2020 challenges are affecting your job and industry at all and if they do, to which extent.
The best time to buy a home or a condo in Florida in accordance with the market offer
As we mentioned earlier, even though Florida is unique in the sense that homeowners are not rushing to sell their homes before September as they do in many colder states, there is still a seasonal tendency in terms of prices and offers on the market.
As reported by the Florida Realtors Research department, the median sales price for single-family homes in Florida in 1Q 2020 was $270,000. It went up 6.7% when compared to the previous year which gives us hope that 2020 is not that bad after all. Buy you should also keep in mind that the overall selling-buying process has slowed down this year, as the real estate market gradually turned from a sellers’ market to a buyers’ one.
Best time to buy a condo or a house depending on the economic situation
It is also important to look at the key economic indicators before considering the purchase. One of them is the age of the property. If you are ready to buy a new home, it is an important aspect to take into consideration. With many new properties on the market, which is the quite common case with Florida, and especially Miami, this supply affect the home prices in buyer’s favor.
Another important aspect to look at is the income and employment numbers. A healthy job market drives the demand which, in its turns, creates more favorable mortgage interest rates.
Summary – When is the best time to buy a condo or a house in Florida?
The best time of the year in Florida to buy property does not only refer to the actual tourist season, although that also plays a part in the overall pricing. According to the annual seasonal statistics, the best time of year to buy a house or a condo is from June till January. But knowing that you should also consider other factors such as the supply and demand balance, as well as unique factors such as a global pandemic that affected so many areas of our lives in 2020 that it made it harder for people to get back to the pre-pandemic mindset and be able to explore the property offers with the same level of critique.