Florida homeowners who are undecided about selling their home should be aware that there is a seller's market for homes, and it is expected to last through June of 2018. The seller's market may even continue if there is not a substantial increase in the number of homes for sale. While it may seem that there is time to place one's home on the market because the demand is so much greater than the supply, it is not a situation that will last forever, and homeowners should consider the reasons why it may not be prudent to wait to put their home up for sale.
In the current housing market, Florida residents and others looking to buy a home should be ready for a bidding war on any property that they are interested in. A combination of low inventory and an influx of new buyers has resulted in higher home prices. To improve the odds of winning a bidding war, it can be a good idea to make a cash offer.
Low inventory, high demand and higher mortgage rates could make it harder to find housing in Florida and other states that meets a buyer's needs and budget. According to Trulia, starter homes that are available today tend to be older, which means that they need to be repaired. Trulia data shows that home prices increased 10 percent while falling 14 percent in since this time last year.
According to a recent survey, roughly one-third of homebuyers said that they went over budget to acquire their most recent property. The survey involved 1,214 people throughout the country who had bought a home in the past four years. Those who went over budget said that they did so by an average of $16,510. This was largely because available homes were receiving multiple offers, which pushed the prices up.