MORE HOMEBUYERS IN FLORIDA AS NORTHEAST LOSES RESIDENTS

By
Real Estate Agent with Sellstate Partners Realty

Homebuyer Demand Is Far Above Last Year’s Pace | MyKCM

 

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

According to the Pending Home Sales Report from the National Association of Realtors (NAR):

Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”

This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:

“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”

What Does This Mean for Sellers?

If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell.

Is This Trend Going to Continue?  

As CNBC notes, there are no signs of slowing buyer demand this fall:

“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”

Danielle Hale, Chief Economist at realtor.com, concurred:

“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fallWhether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”

As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.

Florida is one of the top destinations for Northeast state residents fleeing high taxes & reduced Federal tax deductions from the 2018 changes to the tax code. "We're seeing a much larger increase in demand in Florida from people coming from the N.E.. This now looks structural rather than cyclical, " said Jonathan Miller, CEO of Miller Samuel Appraisal and Research Firm.

BOTTOM LINE

If your current home doesn’t meet your family’s changing needs, let’s connect to help you sell your house and make the move you’ve been waiting for all year.

Posted by

 Your blingual residential real estate guide. Certified Probate Real Estate Specialist (CPRES) and Certified Distressed Property Expert (CDPE).  Serving Pembroke Pines, Fl.  and surrounding communities.   


Dalia Kibby, PA
  Direct 954-610-7864| email me
website www.daliasellshomes.com | search for homes

 

If you are Buying, Selling or Relocating to the South FLorida area and need help from a professional REALTOR®, I would be happy to assist you! I also work with  estate Executers, Personal Representatives and Administrators .     Please visit my website for property searches, to sign up for free listing alerts and other information.   

 

Comments (4)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

DALIA KIBBY this is valuable information for both Buyers and Sellers in your area.

Sep 05, 2020 07:37 PM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

I was a Realtor in NY up until 8 years ago. There has always been the influx of people moving south.  

Sep 05, 2020 09:01 PM
DALIA KIBBY
Sellstate Partners Realty - Cooper City, FL
Selling Broward County Homes with Passion!

Thanks for commenting! 

Sep 07, 2020 08:49 AM
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Thank you for sharing this information with us! 

Sep 07, 2020 02:24 PM