‘Tis the Season for Buying a Home in South Florida!
‘Tis the season for buying a home in South Florida!
Whether you are looking to make South Florida your permanent home, or are planning your first seasonal residency, REALTOR.com® just published a great article about buying your first home as the seasons change.
According to Jonathan Smoke, “It’s that special time of the year: School is ready to begin, days are getting shorter, and the networks are eagerly trying to gear us up for football. And home sales are about to slow down—at least the real, actual sales and not the seasonally adjusted rates we’re used to following.”
Moreover, Smoke adds, “Seasonal adjustments help make data that are inherently seasonal easier to compare month to month. You can’t get a good picture of whether it’s a good or bad year by comparing typically slow January with typically busy July. But they also lull us into a false sense of reality that all months are similar, or merely go up and down based on the strength of the market.
Actually good news for the first-time buyer looking to make a move as the weather cools in South Florida. Smoke also notes, “But each local market has its own cycle. The school calendar plays a big role since families with kids prefer to move while school is out. And not all schools start at the same time.” Although the South Florida coastal community market may not reflect as drastic changes as those in our northern states, Smoke does point out that, “And a certain amount of herd mentality influences the market peak, driven by years of history influencing the observation that there may be an optimal time to list that perfectly aligns with peak demand to command the highest price and to do so as quickly as possible. The peak inventory then influences the demand to jump into the market in the spring and summer, reinforcing the observation.”
Smoke concludes with some very interesting thoughts, “As the age of inventory increases, buyers gain more leverage. That’s why prices are also seasonal; peaking each summer when demand is highest and the age of inventory is lowest.
So take heart, would-be buyers! If you can resist the herd and ignore the school calendar and the inconvenience of a winter move, you will face less competition in the off-season. And if you can find a home that fits your needs, you will have more bargaining power.”
We here at Water Pointe Realty Group just love to share helpful and interesting information, and assist potential new residents discover that being a Floridian is a unique lifestyle. We are looking forward to communicating with our past, present, and future clients from Stuart, Hobe Sound, Tequesta, and Jupiter waterfront homeowners. Please make sure to visit our Home Buyers Services page to give you some great information about the first steps to becoming a client with Water Pointe Realty Group.
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Soon, you too, could say, #thisisthelife
Article by: Jeannie M. Ferrara