You might think of early sunsets, football games, and bow hunting as hallmarks of October, but smart shoppers know that it’s also the best time to start the hunt for a new home or investment property.
That’s because historically October through February marks a lull in the real estate market, which is usually a boon for buyers.
Higher median days on market + some price reductions + less offers = opportunity, especially for first-time home-buyers who are ready to say goodbye to ballooning rents, or for real estate investors who want to leverage the strength of the rental market.
Sellers who list their properties in fall and winter are most likely listing for a specific reason or out of necessity, like a death, divorce, or financial issues, meaning they’re motivated sellers. With fewer buyers in the market, sellers are typically more flexible in negotiations.
That doesn’t mean the Florida Real Estate market isn’t “hot” compared to other states in the US. However, by fall, the rate of price drops had increased by more than 15% over the previous year, signaling a moderating trend most likely caused by increasing mortgage rates and inflation. Larger cities in Florida are also equally strong as rental markets.
So what does this mean for you? If you’re renting, it means it’s a good time to start hunting for a home, because even with increased rates, the long-term smart money is on buying. If you’re looking to get into real estate investing, it’s also a good time to build your portfolio in a market that predicts strong returns. In either case, your best first step is to organize your mortgage strategy with a specialist who knows how to leverage your individual circumstances for a strong ROI in any market condition.
