November 29, 2022

How buying or selling a home benefits the economy and your community

5 min read
buying or selling home benefits

Selling a home is not an easy task for anyone anywhere, especially in the real estate industry. It’s a high-level, complex, and time taking transaction that needs more time and experience to fall into a better consequence. If a person is looking to sell a Florida home for the best price to minimize stress along the way, an individual must find a top-rated real estate agent in a circle to sell the home at a dream price.

Floridian Residential Real Estate – statistics & facts

In October 2021, the median home in Florida rose 23.9% increase year-by-year — an extraordinary figure that has left most property agents speechless and unable to take a concrete number to forecast growth in 2022. Rising prices and Florida’s sky-rocketing home sale prices in 2021 are predictable signs that 2022 could be profitable for agents and sellers as well. 

Even though the number of home sales across the state decreased by 4.5% year by year in October 2021, the number of homes sold at more listing prices hiked by 16.2 pts. year-over-year in that same lapse of time. The number of days properties spent on the real estate also fell to a notable 38 days on market, down from about 60 days a year ago. Thanks to recording minimum interest rates and continued strong demand, Florida will continue to be a seller’s market as 2022 opens out.

Economic Advantage 

Among the main reasons that force a buyer to turn to a new home (if not THE main one) is the fact of not having to go through months of renovation. If the idea of ​​the “turnkey” enchants, buying a new house also has a myriad of economic advantages.

When should you sell your house? 

Determining the best time for house selling in Jacksonville FL can result in a higher selling price while minimizing the stress level.

Generally speaking, the best time to sell a home in the US to maximize returns and minimize the property’s time on the market is around May 1-15. According to a real estate site. homes sold in the first half of May are selling 6 days quicker than the average listing.

Furthermore, homes listed on Saturdays usually receive 20% more visits during the first week on the market, compared to properties listed on Tuesday.

Of course, this is only information based on statistical data. It is important to consider market circumstances. These influence the best time to put the house up for sale on the American real estate market.

Major players of home selling (Real Estate) services in Florida:

  • DJ & Lindsey Real Estate
  • Real Estate Sales Force (RESF)
  • The Duncan Duo Team at RE/MAX
  • Figueroa Team at EXP Realty
  • Judy Horvath & Associates at Coldwell Banker Residential

Home selling services FL

From the search for the property to the deed of sale, there are several steps to follow and some of these steps can become a real challenge, a real estate agent by the side will allow us to go through all these steps with serenity and solutions.

The impact of seasonality on the sale of a house 

Of course, the season in which a property is sold has an impact on the outcome of a transaction, as well as on the duration during which it is present on the market:

Selling a house in the spring

Generally speaking, buyers are in favor of buying a property when temperatures rise. It, therefore, seems quite logical to prepare for the sale during the cold season, to be ready in the spring. Buyers who have benefited from tax refunds also appreciate better weather to consider a move in the summer. It is therefore easy to understand the reasons that influence the sale and purchase of properties in the spring.

Selling a house in the summer

As in spring, the heat of summer, school holidays, and longer days make it possible to organize open days and home visits. Of course, summer being the time when most Americans take their vacations, a slowdown can occur in the real estate market. Some regions, particularly affected by the heat of the summer season, are more prone to hazards.

Factors Influencing When to Sell a Home

Seasonality is not the only factor to consider when determining the best time to sell a home in the USA. Consideration should also be given to the state of the local housing market.

Selling in a buyer’s market

We talk about “buyer’s markets” when the number of houses available for sale exceeds the number of potential buyers. Inventory is therefore high and sellers generally expect their property to stay on the market longer before receiving an offer. They may also have to sell below the expected price or make additional concessions.

Selling in a seller’s market

A “seller’s market” is the reverse of a buyer’s market, i.e., there are more potential buyers than properties available for sale. This situation is ideal for sellers; it generally allows them to sell faster and receive more offers.

Economic data

In addition to seasonality and the nature of the market, the economic data of the region in which the property for sale is located is also important. If there is job growth in the area, this is a good time to sell. Indeed, there are certainly, in the geographical area, job seekers or people who recently transferred, looking for a house for sale.

Loan conditions

Mortgage rates, when low, encourage buyers to want to buy their own homes. For the past few years, mortgage rates in the United States have been historically low, although they have started to rise. as such, many economists agree that rates will likely continue to rise as the U.S. economy recovers. The higher the rates, the more effort buyers have to put in to acquire their dream property. When interest rates are low, they particularly benefit first-time buyers, who are more inclined to buy.

Selling a house in winter

Although winter is traditionally the quietest season for home sales, some areas enjoy pleasant weather throughout the year, such as Florida and the southwestern United States. United. In these regions, selling a house in the USA in winter is quite possible. It can even attract people looking for a more favorable climate to live or work there.

Tax incentives

Certain tax incentives improve the chances of selling a home in the USA. While there are currently no tax incentives aimed at people who want to buy their first home, as was the case with the tax credit between 2008 and 2010, it is important, as a salesperson of the property, to keep informed of the financial conditions of the state and region in which it is located.

Personal factors

While the real-time to sell a property in the USA depends on many external factors, elements directly related to the seller must also be taken into account. Change of job, the family situation… It is important to feel ready above all!

Conclusion 

In an ideal world, a salesperson should never be in a rush. In reality, it is often otherwise. In 2020, the average time to sell a house in the USA varies from 55 to 70 days, including 25 days of presence on the market. Real estate professionals suggest allowing at least 2 months of preparation. This gives the seller time to research the local market, hire an agent, prepare the home for sale, make minor repairs, work out the payment amount, and deal with the practicalities of putting it up. on sale.

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