Discover Florida’s Booming Housing Market and Buyer Tips

Florida’s Housing Market Soars: Analyzing the Post-Pandemic Boom

Estimated reading time: 4 minutes

• Record-high home prices: Florida’s median sales prices for homes are soaring post-COVID.
• Key demand factors: Low mortgage rates, pandemic relocations, demographic trends, and investor activity are driving demand.
• Competitive market tips: Get pre-approved, be ready to make strong offers, work with a buyer broker.
• Benefits of buyer brokers: They act in your best interests and have expert market knowledge.
• Contact information: Learn how Florida Buyer Broker can assist you in your home search.

Table of Contents:

• Florida’s Housing Market Soars Amid Record Demand
• Factors Fueling Florida’s Housing Demand
• Navigating a Competitive Market
• The Benefits of Using a Buyer Broker
• Explore Your Options with Florida Buyer Broker
• FAQ

Florida’s Housing Market Soars Amid Record Demand

According to recent data from Florida Realtors, the statewide median sales price for single-family existing homes in February 2023 was $410,000, up 12.3% from the previous year. For condo-townhouse units, it was $310,000, an increase of 17.9% over February 2022. These surging prices reflect the fierce competition and high demand in the market.

Closed sales of single-family homes statewide totaled 18,707 in February 2023, down 16.3% year-over-year, while existing condo-townhouse sales totaled 8,540, down 20.5% from February 2022. However, this decrease is largely due to the critically low inventory levels constraining the market. At the end of February, there was only a 2.6-months’ supply of single-family homes and a 2.9-months’ supply of condo-townhouse units available, well below the 5.5-months’ supply typically indicative of a balanced market.

“The high demand and shortage of homes for sale continues to put upward pressure on prices,” notes Beverly Howe, Broker-Owner of Florida Buyer Broker. “Multiple offer situations are very common, with many properties selling above the original list price. It’s definitely a strong seller’s market right now.”

Factors Fueling Florida’s Housing Demand

Several key factors are contributing to the incredible demand for housing in Florida:

• Record-low mortgage rates: While rates have crept up recently, they remain very low from a historical perspective. Low borrowing costs have increased affordability and motivated buyers to enter the market.
• Pandemic-driven relocations: The rise of remote work during the pandemic untethered many people from their workplaces. This, combined with a desire for more space and amenities, has driven a surge of relocations to Florida from dense urban centers in the Northeast and Midwest. Florida’s favorable tax climate and year-round outdoor lifestyle are also major draws.
• Demographic trends: Baby boomers continue to reach retirement age and downsize or relocate. Many are attracted to Florida’s temperate climate, recreational opportunities, and retirement-friendly communities. Meanwhile, millennials, now the largest generation, are reaching prime homebuying age and starting families, further boosting demand.
• Investor activity: Investors, both domestic and international, are flocking to Florida real estate, viewing it as a relatively stable and attractive asset in an uncertain economy. Low borrowing costs and the potential for strong returns in a tight rental market add to the appeal for investors.

Navigating a Competitive Market

For home buyers, navigating this ultra-competitive housing market can be challenging. Beverly Howe offers some practical tips:

• Get pre-approved for a mortgage before beginning your home search. This lets you act quickly when you find the right property and shows sellers you’re a serious, qualified buyer.
• Be ready to make a strong offer immediately. Properties are moving extremely quickly, so hesitation can mean losing out.
• Work with an experienced, local buyer broker who knows the market inside and out and can guide you through the process. They can help you craft a winning offer and handle critical details and negotiations.
• Be flexible on closing dates and other terms to make your offer more attractive to sellers, who may be juggling multiple bids.
• Don’t get discouraged. In this market, it may take multiple attempts to secure a home. Stay persistent and be ready to pivot if necessary.

The Benefits of Using a Buyer Broker

In a fast-moving, seller-friendly market, having a knowledgeable buyer broker in your corner is more important than ever. Beverly Howe and her team at Florida Buyer Broker exclusively represent the interests of home buyers, providing expert guidance and advocacy every step of the way.

Some key benefits of using a buyer broker include:

• Fiduciary duty: A buyer broker has a legal and ethical obligation to act solely in the buyer’s best interests. They provide objective advice and put the buyer’s needs first.
• Market expertise: An experienced local buyer broker will have in-depth knowledge of the market, including pricing trends, neighborhood dynamics, and off-market opportunities. They can help buyers make informed decisions and avoid overpaying in a competitive market.
• Access and connections: Buyer brokers often have extensive networks and access to properties before they officially hit the market. This can give buyers a critical edge in a low-inventory environment.
• Negotiation skills: In a multiple-offer scenario, a skilled buyer broker can craft an attractive offer and negotiate favorable terms, increasing the likelihood of a successful bid.
• Streamlined process: A buyer broker handles all the complex details and paperwork of the homebuying process, from initial search to closing. This reduces stress and allows buyers to focus on finding their ideal home.

Explore Your Options with Florida Buyer Broker

If you’re considering purchasing a home in Florida, Beverly Howe and the team at Florida Buyer Broker are here to help. With decades of combined experience and unparalleled market knowledge, they provide the expert guidance buyers need to navigate this dynamic and competitive market.

To learn more about how a buyer broker can help you achieve your Florida homeownership dreams, contact Beverly Howe at 1-800-283-7393 or visit Florida Buyer Broker. Don’t let this incredible opportunity pass you by – start exploring your options with Florida Buyer Broker today!

FAQ