The Florida housing market is currently hotter than most within the United States. Inventories are low, and demand is high, making it the perfect storm for a seller’s market.
The market for real estate in Florida has been on a steady rise the past decade, with the average Florida home prices hovering near $350,000. So it does look as if it can maintain its growth yet at the same time a perfect opportunity to cash in from the regrowth that needed to happen in the Florida real estate market.
Not isolated to one location
It’s not just specific to certain parts of Florida. Even those that historically were lagging, such as central Florida and especially Orlando, Florida, have seen massive spikes in home prices, catching up to the average Florida home prices.
For example, surprisingly, the Orlando housing market has made Orlando house prices right below the average, at around $338,000. Considering the costs in the past, this is a massive upswing for those that dedicated themselves to property ownership in the Florida housing market.
Price spikes have happened throughout Daytona Beach, Tampa, Jacksonville and have made the Miami real estate market even hotter than it always seemed to have been.
What to do in this market
It’s uncertain what the Florida real estate market will look like at the end of 2022 and if Florida home prices will continue to rise. What is certain is that they are at an unprecedented all-time high, meaning that for those looking to sell their home, now is an excellent opportunity for that.
However, since there’s no guarantee of Florida home prices maintaining or even increasing their amounts, it’s always better to start preparing or have finished preparation to sell your home.
You can be liquid quicker if you’re already mid-process because the housing inventory is so low, but for those that wait, consider that the available retail buyers will start to dwindle over time. There’s already that lag time with using traditional methods of selling your Florida home and a full appraisal and approval process that you’ll need to go through, which frankly can be intrusive at times.
Plus, if there are unsuspecting repairs you need to do in your home, and you haven’t already started them, then it could significantly affect the time and offer from a retail buyer, sometimes dropping the price well below the cost it takes for the repair job.
Whatever your motivation to sell, whether it’s because the Florida real estate market is doing so well and you want to retire, or you don’t believe that the Florida home prices will stay this high and you want to cash out and wait, you need to look for faster opportunities. Such as home buyers with all-cash offers and no escrow period (which can cancel the home sale if there are any issues during escrow in some cases). Get yourself ahead of the housing market, ready for a new path in life, or invest in a future time.