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The 2021 Florida Real Estate Market Is On Fire
Have you thought about dipping your toes into the 2021 Florida real estate market? As if 2020 was not wild enough, 2021 really turned up the heat in the real estate world! With low inventory, and lots of buyers, one can quickly see the how the real estate market was going to go this year. However, no one could have predicted just how hot the market would become. If you have an urge to buy, or sell in the 2021 Florida real estate market, keep reading so you can prepare yourself!
What You Need to Know About the 2021 Florida Real Estate Market
Covid-19
For starters, there is very, very low inventory. This most likely has some to do with the pandemic. During 2020, there were very few people wanting to list their house, especially during the peak of Covid-19. Which is no surprise at all. As more people are vaccinated and Covid-19 numbers are dropping, there has been a small influx in people selling. Though simply not nearly the amount of people that normally would be.
Many people who are interested in moving, are not interested in people, especially strangers, strolling in and out of their home with so many germs floating around. While this is understandable, houses are selling so fast, it is not going to take months and a revolving door to get it sold. You can always require buyers to wear a mask and station a bottle of hand sanitizer at the door before anyone enters. Many real estate agents also wipe down all the door knobs and light switches after showings.
People are moving to Florida
Secondly, more people than ever are moving south. A drive down interstate 95, will quickly show the number of moving trucks, u-hauls, and cars packed to the brim. It just may shock you. With sunny weather, warmer temperatures and no state tax, it is no wonder why northerners are enticed to head down south to Florida. So, now you we have more than locals looking to make a local move. There is now a huge influx of people from the north wanting to make the move and find a home.
Less people were wanting to move during the peak of Covid-19 and quarantine. Now there are so many people who held off on their move, or now due to Covid-19 and working from home realizing their home simply does not work for them, all wanting to move. Though the market is hot nationwide and experiencing a shortage of available homes for sale. Florida especially is feeling extra insane with so many northerners looking to call Florida home. And really, who can blame them? It’s fabulous down here!
Mortgage Rates & Competitive Housing Prices
Mortgage rates are quite low making it appealing to purchase a home. Now that they are slowly rising, perhaps the market itself will slow. However, this still seems unlikely with so few houses on the market for sale.
Housing prices are at an all-time high! On top of that, prospective buyers are offering tens of thousands of dollars more than the asking price of many homes on the market. This makes the market very competitive among those looking to buy. Buyers are left putting in offers on multiple houses well over asking price, hoping someone will pick theirs.
One thing to note, if you are a prospective buyer looking to make a home purchase this year, be aware that as a contingent buyer, meaning you must sell your house in order to be able to close on another one, you may have an even a tougher time getting your offer picked. Though it is not unheard of, especially in any other market where it may not matter as much, in today’s market, you must come in with a VERY strong offer to make that kind of deal happen.
Having a knowledgable & Local Central Florida Real Estate Agent on Your Side is Key in This Market!
Many Central Florida cities such as Winter Garden, Windermere, Clermont and other surrounding area buyers find themselves having to place multiple offers before having their offer accepted. Keep in mind, that many of them were not even contingent. It is simply that there are just so many buyers all looking at the same houses. This is where a trusted and knowledgeable real estate agent (or team of agents) like the Erica Diaz Team is going to come in handy. Helping you to navigate the offer process and knowing what areas are getting well over asking and how much more you should be offering.
Be Ready! Helpful tips to help you land the house of your dreams!
Get an agent, and a good one! There are currently way more real estate agents than there are actual houses for sale. Do your research and make sure they have a strong background in the industry and are partnered with a reputable real estate firm. There is an influx of new realtors, so it is best to find one that has some sales under their belt and understand the ins and outs of the market.
You need to make decisions, and quickly. If you see a house online that you think could be the one, do not wait to see it!! You need to make an appointment with your realtor asap to walk it. Houses are selling in days, if not, literally hours. Scheduling a few days out to see a house in this market is not going to be a good bet.
If you tour the house and love it, be ready to make an offer, as in the same day. As much as one may need time to think about it, in this market, there isn’t a whole lot of time. I fact, sometimes agents will have a contract ready to go on a house before buyers even see it in person. Once they viewed it and knew it was the one, the agent will send it in immediately. This is the type of competition you are up against in the 2021 Florida real estate market! If you are someone who needs more time to think about such a big purchase and do not like to be rushed, working with a real estate agent can help with this big time.
The 2021 Florida Real Estate Market Favors Sellers
Selling your house in this market is a whole other story. The market is very much in your favor. In fact, bidding wars are frequently happening on house. In this market, it’s actually becoming a trend. The houses that are selling within hours have many things in common. They are clean, maintained, and decluttered. These are key things to help buyers see themselves in your house. A messy house with things all over the counter make it difficult for people to envision living there. So, tidy up, and remember your house will probably sell very quickly, more than likely you’ll only have to keep it show ready for a few days. Take just about everything off of your counter tops and make it look as spacious as possible. The more empty space people can see, the roomier and more spacious your home will appear.
Get yourself a good realtor! Do you see the trend? A good realtor. They are going to guide you through the process, which inevitably will have bumps along the road. Many deals can get a little shaky once you go to contract, and a good realtor is going to keep everything on track to get you to closing.
Don’t Go At It Alone
There are also some homes that are being sold by owners. Though it can be very appealing to cut out the commission of realtors, there is a reason they get a cut. Stick with a knowledgeable realtor that you can trust to get the job done. Trying to navigate this market with little to no experience in it, or reality itself, may not set you up for the success you were hoping for.
If you are looking for a trusted realtor, look no further. With years of real estate experience and a team full of knowledgeable real estate professionals, the Erica Diaz Team is happy to assist you in the sale of your current home or the purchase of your new one. Better yet, let us handle both! Our team is exceptional at closing deals and making sure our clients are happy. We strive for excellence and know we can help you find the home of your dreams. While navigating the ins and outs or this market.
The Erica Diaz Team -The 2021 Florida Real Estate Market Is On Fire
Do not let the market scare off! It is best to be informed about what you are getting yourself into. While not every buyer is going to get stuck putting in offers on multiple houses, it is not out of the question. We want to set you up for success and knowing what you are getting yourself into is imperative. No matter how hot this market may be, the Erica Diaz Team is ready to help you every step of the way. We will find you the perfect house to call home, and guide you through the offer process.
Are you considering calling Winter Garden, Windermere or Clermont home? Contact the Erica Diaz Team today, one of our knowledgable real estate agents is ready to show you around!
1 Comment
[…] Don’t go cheap! You can always buy a couple different ones and once you find the brand that works best for you, buy a bunch! The moving aisles at stores have recently been picked through with everyone moving. So, if you see what you want and they have multiples, buy it! You will certainly use it as it may be challenging to find again with the supply and demand of specific items thrown off. (For more info on the 2021 housing market, click here.) […]