Purchasing a home is one of the more effective ways to achieve the American dream. After all, not only does a house give you a place to live and raise a family, but it also allows you to build wealth. Still, if you buy at the wrong time, you may pay more than your house is worth.
Taking a look at the state of Florida’s real estate market before beginning your new home search is a good idea. Currently, like in many other places, the Sunshine State is experiencing a boom in the real estate market.
Low inventory
The number of available houses is a key indicator of the health of the housing market. In Florida, there are fewer homes for sale now than during any year in the previous decade. If you find a house to buy, you typically must submit an offer quickly. In fact, according to the listing group Clever, houses in the Sunshine State tend to stay on the market for only between 44 and 78 days.
Skyrocketing prices
Clever also reports the average home sale price in Florida is currently about $840,000, which is more than $130,000 above the national average. News4Jax says home prices are higher than at any time since the economic collapse of 2008. Put simply, if you want to compete for a home in this market, you may have to offer more than the seller’s asking price.
Because of the nature of Florida’s housing market, you may be better off renting until the market cools some. Ultimately, though, if you decide to purchase, having a solid purchasing agreement is essential.
