Top Florida Real Estate Market Trends in 2019

Many of Florida residents are keen to know the factors that will drive the regional real estate market in the remaining part of 2019. Will the growth in population work in favor of the sellers, or will demand be affected by the rising mortgage rates?

The third most populous state in the United States, Florida has always been a popular destination for retirement and vacation homes. As a result of population growth in almost all metropolitan areas, there has been a rise in home values in recent years. However, as the housing market continues to fluctuate, it makes sense to examine the current trends before buying or selling a home.

In recent times, a stagnant job market has somewhat dampened the demand in the Florida real estate market. People are often driven to the housing market by local rents because they fail to receive the equity and mortgage interest tax deductions when renting. If you are looking to purchase or sell in this market, thorough knowledge of local trends can be invaluable.

Forecast for 2019:

Some of the most important forecasts for the year include

1. Reduced demand due to rising mortgage rate throughout the year.
2. Many older millennials to upgrade from their previous homes, because of growing families.
3. Stiff competition for mid-price level homes between the millennial buyers
4. Florida home values to rise by 4.7%
5. Miami, Tampa, and Orlando to register growth percentages of 3.3%, 5.0%, and 5.9% respectively.
6. The considerable slowdown in Southwest Florida because of the flood insurance policies refusal by the federal government.

Best Time to Sell in 2019:

The month of July, particularly the first two weeks of the month, are expected to be best time in Florida to sell a house. Compared to other weeks, sellers could receive a premium worth $1400 on their homes during the first two weeks of July.

In Orlando and Miami, in the first half of July, the buyers may end up receiving up to $1,400 more while selling their homes. In Tampa, however, this premium will be $1,500 for the same period of time.

Anyone looking to move within a specific date must discuss with a realtor to understand when the home will be ready for listing. In general, most professionals require two months for performing the touch-ups, minor repairs, and cosmetic work before having the home listed on the market.

Best Time to Buy in 2019:

Needless to mention, no buyer wants to pay a premium when purchasing his or her new home. As a result, they often end up in a bidding war, if the competition is very strong. Florida is still considered to be a market that belongs to the sellers. Therefore, the buyers can receive the best value by avoiding the peak seasons, and purchasing during the off-season.

One downside of this approach is that the buyer will have a significantly smaller housing inventory to choose from. Homes sold during the winter season are generally sold below the listing price of the property. On the other hand, properties are sold above their list prices from June through August.

If any seller has any property to offer during the offseason, he or she is should be prepared to negotiate the price. However, getting the maximum value out of a new home by timing the purchase requires lots of skills. Therefore, if possible, seek help from a local realtor.

Final Thoughts:

While the market trends can certainly provide a guide, the support you receive from a trustworthy agent can be invaluable throughout the home buying or selling process. When it comes to finding reliable real estate agents in Florida, there are plenty of options for you. One such option is Round Table Realty, an experienced team with a custom tailored service that would definitely suit your needs.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.