Homes in Florida are Selling the Slowest
Waiting for your house to sell can be a frustrating experience, especially when you live in an area with a fluctuating real estate market. Florida might be a top destination for retirees and winter vacationers, but its popularity as a place to move to may be ebbing, according to recent figures.
In a recent observation of the 50 neighborhoods where house sales take the longest, Florida localities accounted for 13 out of these 50. Selling your Florida home fast might mean taking a less traditional approach.
A Buyer’s Market?
These figures suggest that homes are spending a lot longer on the market in Florida right now than in previous years, and houses are not selling for the asking price. This could be disheartening for sellers who are looking for large sums for homes that they’ve spent potentially years updating ready to make a profit on the market.
Earlier this year, sales of homes right across Florida were down by 27% on the previous year, indicating a slump that could leave buyers in control. However, average prices across Orange and Seminole Counties are still well over $430,000, which could be prompting buyers to change their minds about moving to the Sunshine State. Reports on high overall prices for Florida homes could stop house hunters from performing deeper, more extensive searches to find their new place at the right price. The current situation could be bad for both buyers and sellers.
Worst Affected Neighborhoods
As of September 2023, the worst affected area in Florida is Sebastian in the FL metro area. While homes here sell for less than the state median, at around $380,000, they can stay on the market for an average of 72 days. This could be alarming news for buyers considering the national average time on the market is 29 days, and that’s already an increase of 11 days up from the previous year.
Deltona is another Florida city where it’s difficult to shift homes quickly. The median time on the market here is 45 days, which may correlate with the fact that homes here cost a little less, averaging out at $348,000.
Tallahassee bucks the trend of lower house prices reducing the time on the market. While houses here sell for a much lower average cost of $299,900, they spend around 50 days on the market. This increased length of time may be due to buyers demanding more for their money, for example, insisting on particular repairs before they commit to closing. Because the seller’s market is so much more competitive right now, buyers may be viewing multiple homes and choosing one that a seller has had the time to clean and decorate to a particularly high standard—something that’s simply not an option for all home sellers.
Sellers may also be pricing their homes too highly, drawn in by state median prices in the media that paint a distorted picture of what their home is worth. Not gaining individual advice or assessment of a home could lead a seller to ask for far too much, and cost more in the long run when the home doesn’t sell in the expected timescale.
Potential for a Florida Housing Crisis
Yahoo Finance recently reported that at least seven Florida cities could be heading for a housing crisis caused by rising mortgage rates and house prices. The Pensacola-Ferry Pass-Brent metropolitan area, for example, has a homeowner vacancy rate of 1.9% and 0.57% of mortgages are delinquent over 90 days. Similar rates are occurring in Jacksonville, Lakeland-Winter Haven, and Ocala, which could indicate a wider pattern, especially when combined with the fact that Florida homes are selling slowly right across the state.
However, this doesn’t automatically mean that a housing crisis is looming, especially when you consider that there are alternatives to putting your home on the market and waiting for the right buyer to come along.
Eliminate the Wait
Homeinc offers an alternative way to sell your home that eliminates the need for long waits or repeated price reductions in order to attract a buyer. Homeinc is a Florida cash homebuyer that will assess your home, provide a quote, and if you‘re happy with the amount quoted, buy your home for cash.
This removes the repeated visits to your home by strangers, having to tidy and deep-clean over and over, and the stress of not knowing when you’ll be able to move. Selling your Florida home quickly is easy and hassle-free when you work with Homeinc. We perform a property analysis to give you the fairest price, making you a cash offer fast that helps you make the right choice for you and your family.
If you want more information on the best way to sell your Florida home fast, get in touch with Homeinc today.