If you’re considering selling your old home, it’s essential to have a plan of action. Is it smart to sell your house right now? Yes, and it’s vital to take a look at the current overall market trend in the housing market in Florida and Central Florida specifically.
One cannot simply just follow the housing prices in popular cities such as Miami, Florida. You need to look all over the State of Florida. Places such as Orlando, Jacksonville, Clearwater, Daytona, and Tampa, just to name a few.
Well, in Florida, they just beat their median home sales average from a year ago, and existing home sales were up 1.4% in February 2022 versus January 2022. This increase means that the heat of the market hasn’t cooled down.
However, that doesn’t mean it won’t cool down. There are a lot of new housing developments out there that are raising the inventory levels to accommodate the growing demand.
You’ve got the regular crowd of Florida home buyers, from the investors to the retirees. Also a slew of people who are in the process of buying a home for the first time. These new people result from the pandemic since the new normal has allowed them to work from anywhere.
So is selling your home a good idea and is it smart to sell your house right now?
Rather than staying in colder weather locations, or places without all those beautiful beaches running from Central Florida running down to the southern parts of Florida, the previously mentioned groups are searching online for a guide to buying a house and have taken the first steps to buying a house.
Armed with their homebuying checklist, these newcomers are adding to the craze that is the current Florida housing market. And if you glance at the estimated forecast report you can pull here, you’ll see Florida is expected to grow almost 24% this year. With places such as Tampa, Florida nearly 27%!
Regardless if these people are only at their first steps to buying a house or seasoned companies looking to offer fast, all-cash offers to get your home fast and sell it quickly to take advantage of this seller’s market, selling your home shouldn’t be a challenge.
You may consider selling your home to those in the process of buying a home for the first time. However, keep in mind they’ll have that extensive homebuying checklist. This element will add time to how long it will take to sell your home.
Remember, the year is still going to be great to sell your home. But that can always change quickly, and that housing market will cool off as homes are sold. Also with inventories rising, and eventually, US interest rates will rise, making cash more expensive.
Just make sure to check your home value and don’t try to time the market. You’ll want to sell your home at your pace, and make sure to know what your next steps will be. If you plan on buying in Central Florida, you may have to also deal with those high prices you’ll experience when you sell.