You may have put house hunting on the back burner for a little while, but there’s no need to hesitate any longer. Florida’s real estate market is compensating for a recent slowdown with some new and creative ways to do business. Limited stock in the early part of 2020 is also filling out, and is expected to experience a major boom in coming months.
This means you can expect a buyer’s market in Florida – tons of choices and great deals with a more fluid and convenient transaction style. Following are five great reasons to start your house hunt now.
Revised Transaction Style
Now there are more ways than ever to find your dream home. In-person tours are still taking place, but many agents are also offering video conference tours. Your agent will walk the property and show it to you via video chat. You’ll be able to ask all the questions you’d ask in a regular tour and direct your agent to spaces you’d like to see again or in more detail. This can be ideal if you aren’t nearby or hesitate to visit a parade of unfamiliar homes.
More and more properties are also developing video listings that allow you to browse inventory in a more detailed way than you can with photos alone. This way, you can easily develop a short list of properties to see in person.
Title companies are also changing the way they do business, and may allow you to receive your paperwork through the mail or by courier, sign it all at home, and then drop it off via curbside pickup when you’re done. This streamlining can fit very well into the hectic schedule that always goes along with moving.
Tons of New Inventory
The housing market in Florida is quite active at any given time due to the year-round warm temperatures. It is less likely to experience the winter dip that many cold-weather areas do, though sales drop around the holidays as families put business on the back burner and focus on togetherness.
However, sales that were put off in the first quarter of 2020 are set to explode as homeowners work to get back on track in the second half of the year. When there is a lot of inventory on the market, buyers can be very selective and expect to find great deals as well.
A Rise in Foreclosures
One of the unfortunate side effects of a depressed economy is increased home foreclosures. But this does mean that the banks will be itching to make a deal with buyers. It is also likely that investors will be purchasing lots of properties and flipping them for profit. Those who hope for a move-in ready home with fresh paint, appliances, and landscaping will reap the benefits.
Again, the boom in stock means there is a lot of opportunity for investors, so they too will probably not want to hold on to homes for very long and be anxious to ink those sales.
Increased Migration
More and more families have evaluated their homes and communities in recent months and have been spurred to make a move. Real estate professionals expect to see a mass migration out of densely packed urban areas into communities where homeowners can have a bit more space around them.
Property values in large northern cities like New York, Chicago, and Boston are always much steeper than in other parts of the country, and many residents there are calculating how much farther their housing dollars can go in many Florida communities. Finding better prices on bigger properties with a bit more breathing room is an attractive prospect.
Natural Beauty
Florida is a huge state bordered by the Atlantic Ocean on one side and the Gulf of Mexico on the other. That means there are over 1,200 miles of gorgeous coastline to explore. The coastal expanses in Florida are generally divided into the Gulf Coast and Atlantic Coast, but are more specifically categorized as 10 separate and distinct coastal regions. There is more than enough ocean-facing land to thrill any beach lover.
But you don’t need to live by the ocean to love your life in Florida. From theme parks and attractions galore to the many state parks, botanical gardens, and wildlife experiences to be had in inland communities, Florida is just a great place to live, full stop.
Now is the time to begin your Florida house hunt. You will likely find a huge inventory and some amazing deals. But remember, you are not alone – more and more families will be home shopping in coming months, so strike while the iron is hot, before the competition begins driving prices up again. Your dream home in Florida is waiting for you!