2019 rolled in fast and with spring just around the corner, the real estate buzz is beginning to speculate how this year is going to for buyers, sellers, and current homeowners. Florida’s real estate has gone up and down over the past few years but according to the statistics, 2019 is going to be a good year for sellers!
Whether selling or buying a home it is important to understand how the market is looking and what to expect. For the Florida real estate breakdown here is what to expect for sellers and buyers.
Looking To Sell? Here’s What To Know…
Florida sellers, this is the year to rejoice! The time is now to sell. This is because of the influx of buyers, mostly millennials, and the demand for the market. In 2019 the number of homes for sale is going to slowly increase with time. What is going to increase with the demand are the prices as well. This means great profits for sellers.
Why are home prices going to rise? Well, other than the demand it is due to new construction. Builders are scrambling to meet the needs of the market but simply cannot meet it fast enough. While the trend is saying that buyers are looking for newer developments, it does not mean bad news for older home prices. Newer construction often comes with a hefty price tag to accompany them.
While most millennials are just settling into careers they cannot afford to pay higher prices. Pricing an older home just below or close to the new construction prices will ignite interest and profit when selling.
Selling Tips For 2019 Trends:
#1: Update The Property
Keep in mind that the competition is newer construction. Buyers want move-in ready and updated features. Even when considering an older home to a new build, they look for investment. By updating floors, paint colors, appliances, or little things it will draw more attention and offers.
#2: Get Online
Millennials are turning to online sources when searching for a home. By putting the listing online and insight the exposure will lead to greater profits and more offers to choose from.
Looking To Buy? Here’s What To Know…
Even though it is going to be a seller’s market in 2019, buyers will have the opportunity to find the best deals. With more sellers looking to gain profit, the property search in Orlando will reach new heights. New construction will often tempt many buyers because of the upgrades but the key is the mortgage rates. The real estate trend is predicting growing mortgage rates for buyers.
The percent of a fixed-rate mortgage is going to stabilize around 5.8% in 2019, higher than in previous years. This means that buyers will need to carefully calculate their budget in order to make a practical decision for their next home. Here’s where older homes are going to benefit buyers.
Through buying an older home, buyers not only have the option to make the upgrades they want but they also will not have to pay as much mortgage in the long run. Not only that but by fixing up home buyers will also create amazing equity when they choose to sell in the future.
Buying Tips for 2019 Trends:
#1: Stick To The Budget
Mortgage rates are going to be a pain. Buyers will have to stay within their budget even if it means knocking off a few wishlist items or expanding the search area. However, the option to update an older home is going to mean greater equity in the end.
#2: Negotiate With The Seller
Buyers will need to create a connection with the sellers to receive the best deals. By writing a letter or simply talking with the actual seller, not the real estate agent, buyers will be more likely to persuade the sellers to accept their offers.
Communication will also come in handy with the highly competitive market as well. While a buyer might come in at a lower offer than others, creating a personal touch can convince the seller to accept due to the emotional connection.
Florida’s real estate market is going to skyrocket in 2019. Whether a buyer or seller, these trends and tips are going to help increase profit for sellers and logical purchases for buyers.