With our extensive knowledge of the market and negotiation skills, our fiduciary duties to our clients allows us to bring substantial value to our clients when buying or selling a home in South Florida.
WHEN IS THE BEST TIME TO BUY A HOME
When looking to purchase a home, the number one and far most important thing you need to look at is supply and demand. With South Florida being such a diverse and active market year round, the seasons itself does not suffice to determine a good time to buy. Rates can play a major role as it can drastically lower the mortgage payment; however rates itself is just one of the factors that influences supply and demand.
The process of finding a good deal on a home is not just a matter of timing. It is most importantly a matter of finding a seller who is motivated and ready to sell. This involves looking at multiple homes and sending offers until you land a deal. A major rule is, look to see how many homes are available in the area you are looking to purchase and check the average days on the market for sold properties (gives you a perspective on supply and demand); listing price vs sold price (this will tell you an average of how much price flexibility you will likely have); how many homes were sold per month in the last few months vs how many are currently available (another supply and demand hint).
In regards to seasons, it can vary based on locations; but generally speaking, the best time to buy a home is late summer or fall as there are usually a lot of homes for sale and also not as much competition, as there is usually more buyers looking around spring and early summer.
A buyer’s market basically means that there is a lot of supply but limited demand. This usually means that the sellers become more flexible with the price and allows buyers to take advantage of a discounted purchase price.
A seller’s market means the opposite, not a lot of supply and high demands. This usually benefits the seller as they are able to negotiate higher prices given the limited inventory and high demands. However, this can vary tremendously based on particular neighborhoods, streets, buildings, etc. So make sure to look at specific details when determining what is the right move.