When is The Best Time to Buy a House in Florida? In the past I have written about market timing from the sellers point of view. It has been the most read article on my site for a long time. This is also a question on a lot of buyers minds apparently. So I thought I take a look at market timing from the buyers point of view.
I think there are really two different ways to look at the answer for buyers. Are you are hoping to get the best deal possible on your new Florida home or do you to want be shopping when there are the most listings and avalable choices on the market?
You can see by the chart above that in Broward County the most homes for sale were available in March and the least number of available listings were available in December. So if your focus is having the most choices then home shopping in late winter is probably your best bet. If you are from out of the area you couldn't ask for a better time to be in Florida than March.
What Does Days on the Market Means For a Home Buyer
If you hope to get the best deal your time frame will be different. I found a very interesting statistic in the Fort Lauderdale MLS. It is the ratio between the original list price and the closing price. Here is the ratio broken down by month for 2017.
The spread from best to worst is pretty thin but on average buyers got a better deal in January than any other month and in August sellers got much closer to their asking price. I am really pointing out these statistics because it is a concern to buyers. However, I am not a big believer in market timing. If you are ready to buy, then buy. Real estate is a long term investment. The edge you get by timing the market probably will be less than one mortgage payment and won't make much difference 10 years from now.
Another reason these minor season fluctuations mean nothing is prices are rising steadily right now. If you wait six months or more for a more favorable month to buy, your savings could be wiped out by the natural appreciation occurring right now. The bottom line is there is no time like the present. If you are ready to own a home in Florida the right time to buy is right now.
Related:
Here is Why You Should Make Offers on Over Priced Homes
Terrible Home Buying Advice to Avoid
What Should I Offer on My Next Home?
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