Is summer the best time to buy in Miami? How to navigate Miami real estate, no matter the season.
The housing market ebbs and flows, much like the seasons. When thinking of buying a house, you have to consider your timeline: when’s the best time to start looking and when’s the best time to close on a deal. A lot of it comes down to timing, especially during the year. Even for a warm state like Florida the market can fluctuate depending on the month or season. So we can hear you asking, “is summer the best time to buy in Miami?” Well, that depends on a couple of factors.
Is summer the best time to buy in Miami?
Florida experiences pretty warm temperatures year-round. For example, Miami International Airport had an average 2023 temperature of 79.9 degrees. Because of the Gulf Stream, Miami doesn’t experience a lot of the drastic shifts between seasons that other states tend to deal with. Can this still affect the buying process? The answer depends on your situation.
In line with nationwide trends, Summer tends to be an active season for home buying in Florida overall (as families with school-age children look to move between school years). During summertime, the market tends to be highly active and competitive. With a surge in demand for property, that means sellers are often less inclined to accept lower prices.
So when would be the best time to close on a house in Miami?
Best months for value: August to October
Fall tends to see lower home sales volume than the rest of the year. More specifically, August to October appear to be the best months. According to data from Attom, a leading curator of real estate data nationwide, October is the best month to close on a deal.
But why these months specifically? There could be a couple of reasons.
Winter resettlement
Sellers may want to resettle somewhere else before the winter months hit. Due to this urgency, they may be more willing to accept lower prices.
Hurricane season
Hurricane season ends on November 30. Sellers may respond with urgency, wanting to close out deals before the next potential storm hits.
Low availability of buyers
Once summer ends, there’s less available buyers in Florida.
School season
Sellers may want to resettle before school starts for their kids.
What about the rest of the year?
The rest of the year, South Florida tends to match with the nation in terms of real estate trends. In spring, more houses go onto the market. Many people are looking to buy as well. With more buyers that means that prices start to rise again.
In winter, there tends to be fewer houses on the market. And sellers who do so tend to list out of an immediate financial need. That may mean you’re more likely to find fixer-uppers or as-is listings.
The Kern Team
No matter the time of the year, the Kern Team is ready to help you make the most of your next home transition. Contact us today, our expert staff is ready with expertise to make your next buy a success.
