Whether you are a buyer or a seller, you’re probably keeping a close eye on the recent housing marketing correction. We all want to know the answer to this all-important question: What is the Florida real estate market going to do next? We at Turner Title have done a bit of research, and have some good news for both buyers and sellers.
Good news for buyers:
While real estate prices have been steadily rising over the past two years, prices stabilized between November of 2022 and February of 2023. The good news is that buyers who once felt pressure to snap up a house before home prices skyrocketed further, can finally slow down.
A year ago, buyers reasoned a home that is affordable today might well be out of reach tomorrow. But as of February of 2023, we can all take a deep breath and continue our home shopping at a more relaxed tempo. With that said, the real estate market (like every other industry) is subject to the law of supply and demand. Even though home prices are leveling off, Florida is still the fastest-growing state in the country… so if you’ve fallen in love with a specific home, it’s safer not to wait! Other buyers might have their eyes on the same property, and you don’t want to miss out on your opportunity to make an offer!
…Now we know what you’re thinking. Wait a minute. You said you had good news for both buyers and sellers. With data like this, what could possibly be good news for sellers?
Don’t worry sellers, we’ve got you!
Good news for sellers:
We’ve all heard the rumors and anxiety-inducing projections of a real estate market downturn, but the data is showing the opposite. In just one year (between July 2021 and July 2022), Florida’s population increased by more than 400,000 people. The Sunshine State’s population is still growing, leading to an increase in housing demands. And even though the data shows that the growth in property values has slowed, it certainly hasn’t stalled!
Florida still has one of the fastest-moving real estate markets in the nation. The health of the real estate market is directly linked to the health of the local economy, and the numbers don’t lie. In December of 2022, Florida’s unemployment rate of 2.5% was a full percent lower than the national 3.5% unemployment rate. Not only that, but the number of available jobs in the Sunshine State also rose by 3% in 2022. Florida’s tourism industry is second to none – making investment real estate a hot commodity as well.
The good news for sellers is that, while the market may have slowed down a bit, it’s still marching steadily forward.
In light of everything above, keep in mind that it’s impossible to predict with certainty what the future holds for the real estate market. All we can do is use our best judgment with the knowledge and resources that we have available. (And speaking of resources, keep following us for more insight into the real estate market, as well as tips and tricks for making your closing process easy and effective!)