The Best Time For Selling Real Estate in Florida
If you are considering selling your home in Florida, you maybe be asking yourself - what is the best time for selling your Florida home. Can I time the market or does it even matter in my situation?
It makes sense to assume the best time to sell a property is when the most people are buying. The most sales activity in South Florida is during the first two quarters of the year. The least activity is during the last quarter of the year. But there are a few other things to consider if you are trying to time the market.
While sales activity does fluctuation from season to season here in Florida, but not as much as most people think. Waiting for when sales activity is highest may not payoff. You need to look at the bigger picture. Market conditions can change from year to year. If you decide to wait until next years peak selling season any number of things can happen that could change buyers attitudes towards buying.
Closed Price to Original List Price Ratio
I discovered this statistic in the Fort Lauderdale MLS recently. It is the closed price to original list price ratio for Broward County in 2015. It shows that sellers got closest to their original asking price in June. They closed the furthest from their asking price in January. Based on this chart it stands to reason the best time to sell is in late spring and the worst time to sell is early winter. However, market conditions do change. The spring of 2005 and 2006 were good times to sell. The spring of 2007, 2008, and 2009 were not. Right now, in the beginning of 2017, the overall market is steady and homes are selling.
I hope that this continues but we never know what will happen in the future. I would argue that now is a good time to be selling. Interest rates are still low, the stock market is rising, and consumer sentiment is strengthening. How long these trends continue is anyones guess.
What Type Buyer Will Your Home Appeal To?
The best time to sell a Florida condo may be different the the best time to sell a Florida house. If you own a single family home and the most likely buyer will have school-aged children, then the most activity will be before the school year starts. If you own a vacation type condo like on a golf course or on the beach, the timing may be different. You don’t want to rule out listing in the last quarter of the year. That's because a buyer of that kind of property may be looking to settle in before it gets cold up north. If you have an investment property to sell, then the seasons have little influence on demand. Investors with cash want to keep it working for them and they buy year around.
First time home buyers are more likely to buy near the end of their lease, which may not be anywhere near the peak selling season.
Is Your Property Vacant?
If the answer is yes, then the best time to sell your South Florida home is immediately. No matter what time of year it is. The carrying costs you are paying on such things as taxes, insurance, and maintenance will negate any minor seasonal bump you might hope to get.
Here in South Florida we pretty much have a year around selling season. Some months are better than others. Yet activity is much more consistent than in other parts of the country. If you look closely at the chart the spread between the best and the worst is very thin. We are talking about 1 percentage point at best. There are advantages to selling during the off peak months. The biggest advantage is less competition. Inventories of available homes tend to increase in late winter through spring.
I can understand why a seller would want to avoid putting a property on the market when fewer people are buying. Fortunately for us here in South Florida sales are fairly consistent throughout the year. There are buyers of all kinds all year around. If you have to sell your home, don't be too worried about timing the market. Sell when you are ready to sell. To maximize your net proceeds it is just as important to hire an experienced agent with a proven track record, like myself for example.
If you are considering selling contact me at 954-895-2431 and I can handle it all for you. If you are outside of my area I can also find the right agent for you.
You can reach me 954-895-2431
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