Are you motivated to sell your home? If so, now may be the optimal time to put your property on the market.
We are currently in a seller's market. The best in almost 10 years.
If your home is located in an area that has fully rebounded from the recession of 2008, your chances of selling are even better. Areas with steady job growth will see an increase in home sells.
The Florida 2017 home seller's market is appealing to those looking to buy in South Florida's Broward, Miami-Dade, and Palm Beach counties.
Keep reading for more about the real estate market that may drive your decision to sell or buy.
Interest rates are slowly ticking upwards
Interest rates are on the rise. We're experiencing the biggest increases since the presidential election last year.
Don't panic just yet, it is still a good time to place your home on the market. New mortgage applications are still surpassing the number or applications from this time last year.
Serious buyers may be intensifying their home search in anticipation of rates going higher. The outlook for Florida 2017 housing sells could benefit from the rush to buy.
Low Inventory in affordable housing helps motivated sellers
Affordable housing inventory is shrinking around the country. The inability for recent college graduates to find housing comparable to their income is becoming a big issue.
This growing problem in South Florida is being addressed by community leaders and elected officials.
If you are a motivated seller this shortage could benefit you. There is a lot of attention being paid locally to the housing shortage. Both realtors and cash home buyers will be seeking additional inventory.
Realtors with buyers eager to purchase will be scouring neighborhoods looking for reasonably priced properties. Equally motivated are cash home buyers that want to boost their portfolios.
For this reason, Florida 2017 real estate market will be interesting to watch over the coming months.
The U.S. is experiencing an increase in foreign homebuyers
One trend that is garnering a lot of attention in the real estate market is an increase in the number of home sales to foreign buyers.
In a 12 month period between April 2016 and March 2017, these buyers purchased 284,455 U.S. properties. Florida is among the three states that comprise of almost half of these sales.
The countries leading the way, but for different reasons is Canada and China.
Buyers from China are more likely to be making investment purchases, whereas Canadians are in search of affordable housing.
The landscape for Florida 2017 trends in real estate continues to change
The wait may be over for millennials to make the big plunge into home ownership. If this trend continues they could be the saving grace for the real estate market.
Motivated sellers with larger houses may want to plan their strategy around attracting millennials looking to purchase their first home. While many chose downtown apartments while single, married millennials want to raise their families in the suburbs.
We hope this snapshot of the real estate outlook for Florida 2017 was useful to you.
You can get more insights by contacting us today.