Summer in Broward and Dade County has been hot, and we’re not just talking about the weather. The real estate market in the Florida has been moving quickly, with homebuyers rapidly purchasing the available inventory since the start of the delayed spring market. But the summer selling season will not last forever. Labor Day weekend typically signals the imminent arrival of fall and the cooling of temperatures and the real estate market.
Historically, peak buyer activity takes place from May until June and then slows down around Labor Day until October, according to data provided in the Florida Market Report. As consumers settle down for the school year and upcoming holiday season, buying and selling activity tends to dwindle. However, with pent-up demand still fueling Florida’s thriving real estate market, the tri-county has been experiencing an extended selling season.
In July, sold single-family homes increased by .7%, according to the Local Market Update for Broward County compiled by the Florida Association of REALTORS®. The steady buying activity shows that there is still enough momentum within the marketplace to keep conditions favorable for real estate activity into early fall.
While the market has kept up its tempo over the last month, it is also important to note that this fall will be full of unknown factors that could influence consumers’ confidence in the market and financial decisions. Between the continuation of the COVID-19 pandemic and the upcoming presidential election, this season brings many uncertainties. For those reasons, buyers and sellers hoping to transition into a new home in 2020 should take advantage of current market conditions while they can.
For those looking to make moves in the real estate market, now is the time to take action. With mortgage rates still very low, buyers have increased buying power, enabling them to get more bang for their buck. The increased number of consumers inspired and empowered to buy a home has resulted in elevated average sold prices and faster sales for sellers.
Check out a few common changes that take place after Labor Day making the real estate process a buyers’ market.
1. Fall is more of a buyer’s market
The market typically favors the buyer in the fall because the competition declines. As the season begins, families settle back into their routines with school, and home buying is put on hold. If you don’t have school-aged kids or don’t mind moving while they are in school, this is your best season. The market slows down, so negotiating a better deal becomes easier.
2. Vacation home-sellers see action
Summer is the vacation season, even Congress breaks for August. After you’ve experienced a particularly fun summer in your favorite vacation spot you may be tempted to buy a home so you can have that experience every year. Perfect for you, you can purchase and have your new home furnished just in time for spring. Purchasing in the fall is also an excellent way to experience your favorite vacation spot in the off-season.
3. Like the leaves, home prices fall
People usually list their homes during what they think is the best time of the year to sell, summer. This is because summer is the peak selling season. But when sellers aren’t successful and Labor Day comes and goes, they then have to reassess their asking price and be more open to negotiations.
4. There’s no deadline for most fall home buyers
If getting into your new home before the first day of school is no longer an issue, there is no longer a deadline. You might want to be in your home before the holidays, but the stakes aren’t as high. Your deadline is more flexible, especially depending on the financial implications. You may want to be in your new home before Thanksgiving but waiting may save you money.
With this holiday weekend unofficially kicking off the start of autumn, there is no time like the present to explore your real estate options. If you’d like to make the most of the current real estate market contact Apex Credit & Real Estate by calling 754-205-2036 or visiting www.apexcreditandrealestate.com