Florida Real Estate 2023 | DRJ Real Estate
Is Florida Finally Shifting Back to a Buyer’s Market?
The last couple of years have been great for Florida home owner’s. Especially those that were ready to cash out on record appreciation levels! However, it finally looks like Florida’s housing market is shifting back towards a buyer’s a little bit. After years of being dominated by sellers, prices are finally beginning to level off and buyers are starting to see more options on the market. This is good news for anyone looking to buy a home in Florida, but there are still some things to keep in mind before making any decisions. Here’s what you need to know about the current state of the Florida housing market.
What is a buyer’s market?
A buyer’s market in the housing market is when home prices are lower than usual and inventory is high. This means there’s an abundance of home listings available, giving buyers more leverage when negotiating. In a buyer’s market, home prices can also be driven down as sellers compete for fewer buyers. It contrasts with a seller’s market where home prices tend to be higher due to higher demand and limited housing availability. Because of this, understanding the housing trends of an area can help buyers get the best deals when home shopping in either type of market.
Examples of how Florida’s housing market has been shifting back to a buyer’s market
According to Houzer research from December 2022, looking at markets in Orlando, Tampa, and Jacksonville, “Month’s Supply of Inventory” is up about 80% compared to September of 2021. More houses available on the market is good for buyers as it helps keep home prices in check. A balanced market should have 5-6 month’s worth of inventory. Interestingly, the average between these 3 markets is still just above 2 months. While this indicates a seller’s market, you can see with the increase of inventory that things are trending towards buyers.
Florida real estate has definitely been shifting back towards a buyers’ market in recent years. With more housing inventory being available due to more people having to move or wanting more space, prices of single family homes and condos have started to even out, creating more options for those looking to purchase a home in the sunshine state. Additionally, recently announced interest rate decreases will offer more incentives for potential buyers when trying to secure a loan; more and more real estate agents are now able to assist their clients in finding homes they can afford while staying within their desired budget. With these changes in Florida’s housing market, it’s no wonder that many are now taking advantage of the buyer’s market shift.
How to take advantage of this change if you’re looking to buy a house in Florida
If you’re in the market for a home in Florida, now is an excellent time to take advantage of the changing real estate landscape. Start by researching home buying programs such as Homes for Heroes. Homes for Heroes offers discounts and assistance to the military, medical, fire service, law enforcement, and education professions. DRJ Real Estate is the official Homes for Heroes affiliate for Polk County. We can help you maximize your Hero Reward to save you money when you buy or sell a home!
You should have a licensed agent provide you with a comparative market analysis. This will give you an understanding of prices in your desired area, and help you make a competitive offer, or set an appropriate list price. With the right resources and knowledge at hand, you can enjoy a successful home-buying or selling experience in Florida.
How does this effect sellers, buyers, and the economy as a whole
One big factor that can impact real estate trends is the local job market. Polk County is considered the fastest growing county in Florida, in large part thanks to its growing job market, location, and affordable real estate. Quality, high paying jobs support the developing real estate market, which has seen new housing, apartment, and condo developments be built out over the last couple of years.
As mentioned above, more inventory tends to favor a buyer’s market. However, you must consider that inventory is relative. Meaning, while inventory may be growing, the amount of eligible buyers is also increasing. More buyers means more competition for the same house-which is good for sellers. Another consideration is that real estate development contributes to real estate appreciation in general. So as an area develops new housing communities, and commercial properties, the value of real estate in the area will also increase. As you can see, one thing attracts another, and everything is connected.
Polk County is a Florida real estate gem
Florida real estate, in general, is highly desirable, and Polk County might just be the perfect spot. Polk County features affordable housing, a growing job market, and a central location between Tampa and Orlando. DRJ Real Estate has become a top choice for Polk County homeowners who are looking to buy or sell a property. DRJ offers detailed listings, virtual tour capabilities and fast response times, making the entire process smooth and hassle-free. DRJ is also committed to serving their communities with financial literacy courses, such as online courses on budgeting, debt management, credit management, and investing. DRJ’s educational initiatives serve as an extra layer of security to ensure that potential homebuyers know what they can afford and make informed decisions along the way. DRJ takes pride in providing excellent customer service while delivering essential guidance to help individuals realize their real estate dreams.
It’s clear that the Florida real estate is shifting back to a buyer’s market, and this could have far-reaching implications for both buyers and sellers alike. Whether you’re looking to buy or sell in Florida, it’s important to be aware of the impact of this transition so you can adjust your strategies accordingly. Knowing key signals can help buyers take advantage of the current landscape and enable sellers to effectively evaluate offers and make decisions with confidence. Ultimately, the market will settle into an equilibrium once the shift is complete but for now, knowledge is power. If you want to maximize your real estate opportunities in Florida, call DRJ Real Estate today to gain access to our team of expert agents who are ready and willing to help you every step of the way!
We also offer online seller’s and buyer’s courses to help you learn all the best home selling tips and buyer’s secrets. CHECK THEM OUT!!
If you are looking to move into the beautiful Polk County Florida area, or you are looking to sell your house, then CONTACT DRJ REAL ESTATE right now to put us to work for you! We are Polk County’s premier, full service real estate team that specializes in Polk County and Lakeland real estate.
We are a proud affiliate of Homes for Heroes.
Are you a Hero?? Ask us how we can help save you thousands of dollars as a Buyer or Seller! Collect Your Hero Reward if you are a Firefighter, LEO, Medical Professional, Teacher, Military or Veteran, or Clergy!
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Florida Real Estate 2023 | DRJ Real Estate