There’s an old adage in the real estate world that says to wait until the flowers start blooming to list your home.
There are many reasons to wait until spring or summer to list your home: Weather, tax season ending and returns coming back, the ability to view homes and summer vacation for your kids. These are some of the typical reasons that spring and summer tend to be the best times to list homes.
But is Florida typical? And is the (post) pandemic world we’re living in typical?
In a normal year, on average across the country, spring and summer are the best times to put your home up for sale. However, 2020 was anything but normal and 2021 is following suit.
Additionally, Florida’s real estate market isn’t as impacted by the winter season as other markets (like Minnesota, for example). In fact, winter can be a great time to catch certain demographics in the real estate market, like the Florida snowbirds. Realtor.com’s research suggests that the best month to sell a home quickly is March. While the best time to sell for the highest price is November. Again, this is in an average year.
The pandemic caused huge COVID-inspired migrations across the country that we have never seen before. New York City residents fled the boroughs in droves. Idaho saw the most inbound moves it’s ever seen. New Jersey saw a mass exodus. And, of course, Florida saw a huge influx of new residents.
Seasonal trends and real estate averages were skewed across the country. Those old adages? They kind of all went out the window. And with interest rates expected to remain low through 2021, jobs staying remote and the continued concerns about COVID-19, we may not have a return to “normal” for a bit longer.
In the current market the best time to list your house is, actually, right now. Supply is low and demand is high across the country, especially in the Miami area. The trends are in your favor as a home seller. You’re likely to get your asking price, if not above, and your home is liable to sell quickly.
What’s the overall takeaway?
Here it is. The normal seasonal fluctuations that we see in the real estate world are essentially on hiatus until all pandemic-related buying and selling has cooled down. So, for 2021 and possibly even extending into 2022 there may not be a “best” time to sell. It will depend entirely on the local real estate trends, the state of the nation’s economy and the state of the pandemic’s containment.
What you can generally expect in Florida for the foreseeable future is a great seller’s market. People are moving to Florida, particularly Miami. Demand is high, inventory is low. If you are looking to sell your home, the best time is now.
Have questions about listing your home in the current market? We offer a free market analysis! We’d also be happy to sit down with you over coffee and you can ask us real estate questions until your heart’s content.