Best Time to Buy a House in Florida 2018

Florida home buyers demand to be enlightened of the seasonal variation in prices if they want to country the best bargain on their new dwelling. Here, we'll go over what you need to know to seal a killer deal on your dream home.

the best time to buy a house in florida

Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, make full out hundreds of forms, and invest a large chunk of your savings to secure the correct house.

One way to make buying a business firm easier is starting the procedure at the right time. In Florida, housing inventory, mortgage rates, and market trends vary from month to month.

For example, this year listing prices for homes in Florida were lowest in April. On average, homes were $42,625 less expensive. While in November — the month with the highest prices — the listing prices were $39,387 more the annual boilerplate.

In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of yr will give you lot the most options and the biggest savings when buying a firm in Florida.

All-time Month For
Listing price	April	6.1% lower than average
Housing inventory	April	15.2% more homes to choose from
Mortgage rates	December	2.90% interest for xxx-year mortgage
_{Realtor.com information (October 2020)} _{Bankrate data (December 2020)}

If you're interested in buying a home, the first step in the abode buying journey is getting preapproved past a licensed lender. Even if you're already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.

You can make full out the grade beneath to exist instantly matched with a licensed lender who knows the area and can guide y'all through the process.

Get Pre-approved Today!

Get matched with a lender who tin can tell you how much house you can afford. To get started, where do yous plan on ownership?

Timing the Market: When to Buy a House in Florida

When attempting to time the market, you need to residue 2 things: inventory and price. In the winter, you lot're more likely to exist able to buy a business firm on the cheap, simply there may not be as many houses on the market to cull from. That'southward considering the median sale price is college during the summer, then about sellers will await until then to list their homes.

Those who sell in the winter are more likely to be doing and so out of financial agony or firsthand demand. Sellers in this state of affairs won't usually put any work into the house earlier selling, so you lot're more probable to notice "as-is" listings and fixer-uppers during the winter. That said, at that place will be some great houses on the marketplace for a low price.

According to Redfin, the median sales cost in Florida in the winter is $241,000. In the summertime, that rises to $251,667 — over $10,000 more! Clearly, there are significant savings to be had by planning to buy your home in the winter.

Here are the median sale prices for every flavor in Florida:

Season	Median Sale Price
Winter	$241,000
Spring	$247,000
Summer	$251,667
Autumn	$246,667

Here are the median sale prices past month in Florida:

Calendar month	Median Sale Price	Month	Median Sale Price
January	$236,000	July	$251,000
February	$238,000	Baronial	$248,000
March	$245,000	September	$246,000
Apr	$247,000	October	$246,000
May	$249,000	Nov	$248,000
June	$256,000	December	$249,000

To get a chip more than insight into this data, let's view it visually:

Points scored

Equally you tin run into from Redfin's data, sale prices hit their everyman point in January and so steadily climb up to their maximum in June. Using this chart, you can get a ameliorate sense of when you should program to buy a home.

For case, if it's Dec and y'all want to get the lowest toll on your home, hold out a month or two longer and buy in January or February. However, if information technology'southward June, you might decide to wait until prices start cooling downward in July, August, and September.

However, it'due south of import to annotation that cost trends tin vary from metropolis to urban center — state-level data tin can simply requite you and so much insight. To become a improve thought of when to buy a home in your target market, speak with a local realtor. They'll be able to suggest you lot based on information for your specific town, urban center, or region.

5 All-time Places to Purchase a Domicile in Florida

Florida is an exciting existent estate market place. Here are five established and upward-and-coming cities you should continue your heart on.

1. Melbourne

Melbourne, Florida is known for its high-performing schools: out of the 125 most populous metro areas, Melbourne's high schoolhouse students were ranked 2nd for higher readiness by U.S. News & Earth Study. According to Zillow, the median habitation value in Melbourne is $192,000 in 2019, and that'south expected to increase by 1.5% over the next year.

Melbourne at a glance:

Median home value: $192,000

Expected 1-year growth: 1.5%

Standout feature: Loftier-performing schools

2. Lakeland

The real estate market place in Lakeland has been heating up recently, seeing 5.6% growth in 2018. As of 2019, the median domicile value is $162,900, and it'due south expected to increment by another two.1% in the coming year. Lakeland is a pleasant suburban area with skilful public schools and lots of parks.

Lakeland at a glance:

Median Home value: $162,000

Expected 1-twelvemonth growth: 2.1%

Standout characteristic: Skillful public schools and lots of light-green space

3. Sarasota

Sarasota is popular among retirees. The median resident age is 51.6 years onetime, which reflects the fairly high toll of housing compared to the rest of the state — the residents here are fairly financially secure, not just starting their careers. The median dwelling value in Sarasota is $261,900, which is nearly $25,000 more than the state'due south median.

Sarasota at a glance:

Median habitation value: $261,900

Expected one-twelvemonth growth: 1.0%

Standout feature: Well-suited for retirees

four. Tampa

Tampa is a West Florida city best known for its museums, Busch Gardens, and baseball. Information technology's a great city for young professionals due to its exciting nightlife and many bars, restaurants, and cafes. The median habitation value is $218,900, but information technology's expected to decrease by 0.six% in 2019. Those who are attracted to the city life but don't want to be directly in the center of it all may want to consider Petrograd, a smaller city situated to the west of Tampa.

Tampa at a glance:

Median home value: $218,900

Expected ane-year growth: -0.vi%

Standout feature: Civilisation and nightlife

5. Fort Myers

If you're a retiree, Fort Myers is an excellent city to buy a house in. The median home value is $210,800, and it'south currently a buyer'due south market. The city ranks 2d on U.S. News & World Study's listing of best places to retire.

Fort Myers at a glance:

Median dwelling value: $210,800

Expected 1-year growth: 0.1%

Standout feature: Large and growing retiree community

Save thousands with Clever Greenbacks Back!

Eligible buyers get 0.5% of the purchase cost back after closing.

How to Purchase a Business firm in Florida: A Step-By-Pace Guide

Set to movement forrad with your home purchase? Here's how to buy a firm in Florida in viii easy steps.

1. Decide Where You Want to Live

Earlier anything else, you lot demand to decide where you want to alive. Get-go by thinking about what you desire to go out of your new home — do you desire something by the beach? A retirement community? Someplace in the city? A place to raise a family?

Next, look at some city-level stats for cities that fit the bill. Await into the median domicile values to see what areas will fit your budget and check out the expected curt and long-term growth to see which cities are a good investment. Research whatsoever other features that may influence your determination, such as crime rates, schoolhouse rankings, etc.

2. Notice a Great Florida Real Estate Amanuensis

Finding a great local real manor amanuensis is the most important step in the habitation ownership process. Your real manor agent will exist your partner over the coming months, guiding you through the oft complex real estate transaction process and listening to your needs to help you detect the right home for you.

A good real manor agent volition draw upon their years of experience to aid you negotiate better deals, notice properties that adjust your needs, and time the market.

Clever matches buyers with meridian agents in your expanse. Plus, later on endmost, qualifying buyers receive 0.5% of the purchase cost back on homes over $150,000.

Learn more: How to Find the Best Real Estate Agent In Your Area

3. Appraise Your Needs and Fix a Upkeep

Expect into your finances to set a maximum amount that you tin budget for a house. Assess your income, assets, and savings. It can exist a practiced idea to consult a financial advisor at this betoken in the home buying process.

In one case y'all have a budget set, speak with your real estate amanuensis to get an thought for what areas and what types of properties you can realistically beget. Be realistic: don't set your sights on a mansion when you have a bungalow budget.

4. First House Hunting

Expect through local listings and enquire your realtor for property recommendations. One time y'all've institute a few houses that you lot similar, enquire your real estate agent to gear up showings for you.

Be sure to attend open houses, even for houses you lot're not particularly interested in. Sometimes it can be equally valuable to find out what you don't like.

Larn more: Free Firm-Hunting Checklist

5. Make an Offer

Consult your real estate agent and draft up an offer. Your realtor can propose you lot on how to make a competitive offer based on your local market conditions.

When yous make an offer, you'll need to provide a good faith eolith. This is usually 1-3% of the purchase price simply can be more in competitive markets. The higher your skillful religion deposit, the more competitive your offer volition be.

If your offer is accepted, you lot volition enter into a purchase agreement. You must hash out what contingencies to include with your realtor.

Learn more: How to Make an Offering On A House

six. Secure Financing

Unless you plan to buy your dwelling with cash, y'all'll need to apply for a mortgage. For most home buyers in Florida, interest rates are among the biggest factors when choosing a lender. Doing a lilliputian upfront research and comparing options to discover the best rates could save you tens of thousands of dollars over the life of your loan.

For example, in Florida a typical business firm is worth $262,000. Assuming a 20% down payment, if you took out a thirty-year mortgage for 3.five%, your monthly payment would be $935. Just if you shopped effectually and found a 3% mortgage, your monthly payment would drop to about $884.

Getting a mortgage is a big decision – and information technology pays to shop around! Keep shopping until y'all find a lender with competitive rates who besides understands your goals. Don't get pressured into taking on a bigger loan than you're comfy with – work with a lender who explains what you're actually signing up for.

It's piece of cake to starting time your home ownership journey – answer a few questions to get instantly matched with a lender who works in your area.

7. Negotiate for the Best Possible Price

The average person doesn't take the negotiation experience necessary to successfully negotiate a real estate bargain, and so your realtor will be invaluable at this point in the procedure. They will draw upon their years of feel in the markets to aid negotiate a great price for you.

When negotiating, make sure you empathise the seller, know the market, and negotiate after the inspection. This will give you the best chances for success.

Acquire more: How to Negotiate When Buying a Firm — An In-Depth Guide

viii. Close the Bargain

Before the endmost takes place, yous volition often do a final walkthrough, and the title company will perform a title search. If everything comes up clear, and the walkthrough is satisfactory, you'll sit down at the closing tabular array with the seller to sign the final paperwork.

You'll pay the residuum of your down payment, the title company representative or chaser will record the transaction with the municipality, and you'll receive the keys. Congratulations — the house is now yours!

Learn more than: The Real Manor Closing Procedure for Buyers

The home ownership procedure can exist complex and difficult to navigate. If you're planning to buy a house in Florida, an experienced local real manor can help you go the best deal on your new home.

Clever partners with top-rated full-service existent manor agents from major brands like Keller Williams, Century 21, and RE/MAX who will help guide buyers through the difficult dwelling ownership procedure. And when y'all work with a Clever Partner Agent, you could be eligible for 0.5% of the purchase price back after closing (for homes worth over $150,000).

Want to learn more? Fill out our form to get in touch with a height-notch Florida real estate and set up a gratuitous, no-obligation consultation.

Acme FAQs About Buying a Home in Florida

Is buying a house in Florida a skilful investment?

In general, real estate is considered a safe investment. The housing market in Florida has been experiencing considerable growth over the past few years, and this is expected to proceed. Currently, the median housing value in Florida is expected to increase by ii.0%, making Florida a great place to invest.

Nonetheless, it's important to proceed in listen that existent manor is highly regionalized, so some cities provide great investment opportunities, but others won't. Practise your research and speak with your real estate agent earlier making a buy.

How much is a down payment in Florida?

More often than not, a conventional mortgage requires a down payment that's xx% of the closing cost. Nonetheless, at that place are other options: FHA loans only crave a 3.five% down payment, and some lenders will permit you to put down less money as long as you pay a higher interest rate.

If you're unable to beget a down payment, yous may do good from Florida's down payment assistance programs. If y'all're moving to a designated rural area, you may exist able to secure a USDA loan, which has a 0% minimum downwards payment.

Learn more: Home Down Payment Calculator: How Much Should You Put Down?

How long does it accept to close on a house in Florida?

Across the Us, the corporeality of time information technology takes between signing a buy understanding and closing remains standard. In nigh cases, it takes 30 days to close on a house after a contract has been signed. This is true for Florida.

Do you need a lawyer to buy a house in Florida?

Buyers do not need to hire a lawyer to buy a firm in Florida. Withal, it's a proficient idea to piece of work with a real estate agent who can help guide yous through the necessary paperwork. Working with a real estate agent isn't legally required, but unless yous're a seasoned real estate professional yourself, you lot will probable find the assist of a realtor invaluable.