Winter is typically the slow season in the real estate market, but it can be a great time to buy for those moving to Florida. While inventory is at its lowest during winter, if you can find the right home for you, the price can be significantly lower than in the spring and summer months. In addition to the drop in price, mortgage rates are typically lower in the winter, giving you increased buying power. A Florida winter might be the perfect time to buy, depending on your situation. Here are some things to keep in mind while you shop.
Houses are going to take a lot of work to find.
Inventory has been rising recently after a season of historic lows, but they will dip down again as winter approaches. This drop happens for a few reasons. One reason is that families with children are hesitant to move during the school year, so you should expect a reduced availability for family homes. The busy holiday season is the other main reason for the lack of inventory. Many people plan vacations, parties, and family gatherings during this time and are hesitant to add the hassle of selling a house to their to-do list. For those same reasons, you will also see a dip in buyers during winter, so if you can be flexible when house hunting, you will probably face less competition when you find your dream home.
Prices are lower.
The median price for a home is $10,000 lower in winter than in the peak summer months for Florida. If you are willing to adjust your schedule and spend the extra time to find the right house, it could save you a significant amount on your purchase.
Mortgage Rates are lower too.
As well as the initial savings of a lower asking price, your mortgage rate could also be lower in the winter. With the recent spike in mortgage rates, this could be an even more significant financial incentive than the lower asking prices.
For buyers looking to make the most of their budget, going against the grain and house hunting in winter can be a great way to stretch their dollar. Hiring the right realtor will help offset the challenge of finding a home and could save you thousands in the long run.
