Now is the best time to buy a home in Florida in 2022

This video is about what’s really going on, and what you should pay attention to when buying a home in this market. Watch this video for more information!

For more information call us today at 772-732-3774!

If you’re a serious buyer and you’ve been on the sidelines because of the extreme difficulty and challenge you’ve experienced over the last couple of years, keep watching.

So you’ve been competing with all those other buyers out there who are driving up the prices of homes into the atmosphere, only to lose yet another home to a cash buyer who is willing to pay tens of thousands, hundreds of thousands, and wave everything for a home that they didn’t even see. That’s crazy. Well, We’ve got news for you. Thank goodness those days are over. And now you can shop and compare, negotiate, inspect, and keep all of your contingencies and actually buy a home.

It’s not new news, but what are the actual reasons why this is happening?

1. More Inventory

Sellers are actually starting to pull their heads out of their feet and sell their homes. Builders are starting to build up inventory as they finish construction on homes and developments, and there are fewer buyers competing for those homes, which means, you guessed it, more homes to choose from. Although technically, we are still in a low inventory market.

You now have some breathing room, some time to think about some of this. This is a big investment. Don’t think too much though, because inventory levels are still low and we’re trying to catch up from 2008 when building basically stopped. We have the millennial generation now growing families and looking for homes. Boomers are looking to downsize, and Gen X is moving up. So all of these compounds, the inventory problem?  That’s a golden nugget right there. The inventory problem won’t be solved anytime soon.

2.  Higher Interest Rates

Now, at the time of this video, we’re at about 6% APR. So let’s get real. These rates are still relatively low and keep in mind that property values over the last 30 years have increased on average by about 13% per year. So if interest rates get anywhere near that number, then we have a problem. But most likely, they’re not going to get there. Real estate is a long-term investment unless you’re a flipper, and by the time you’re ready to sell, there’s more than likely a chance that it’s going to be worth more than when you bought it.  Now you add your equity in and now you can see the beauty of Real Estate. So we’ve heard there may be a few more hikes in the near future, but they should be pretty moderate. Remember this phrase, marry the home and date the rate. OOH, catchy. So what that means is, like, you go buy the home now, and when rates come down, then you refinance it for the lower rate. It’s going to happen.

3. Fear

Most people don’t truly know what’s going on in the market. They watch the news and they listen to the powers that be, and what they’re saying and it really doesn’t matter what channel you watch. It’s important to remember that the news is no longer journalism. It’s a tabloid designed to evoke emotion and keep you watching. All the while, the informed people and the companies are making moves, buying properties during the dip, taking advantage of the lack of competition and perceived fear, but the majority of people are like deer in the headlights, frozen in the middle of the road, and we all know what happens to the deer, smack. Now, if you follow the herd, you get what the herd gets.

4. The Cycle

Now we’re moving into the winter stage of the real estate cycle. The real estate market moves in cycles similar to seasonal cycles. We had a great autumn. It was harvest season. Lots of equity and income, property values were up and tons of demand, tons of it. But now we are heading into the winter season of real estate. Things are going to cool down. The market is going to recoil and reset and for some markets, it could be a long winter. But here in Florida, we’re heading into Snowbird season, and it’s the season where people want to get out of the cold and come to their winter home, or they’re ready to buy a home here in Florida. People who live in high-tech states like California, they’re moving here, too. The truth is, we just don’t know exactly how long this winter will last, but science points to not very long, at least here in Florida.

Well, it’s kind of a safe bet here, fear is natural. I mean, without fear, our caveman ancestors would have been easy prey from the bears and Sabertooth tigers and other creatures trying to eat them. Short-term thinking was extremely valuable to be reactive and defensive. Although we humans have evolved beyond the daily survival tactics that they had to use to survive, that reactive nature, that survival instinct, it’s still a huge part of our brains.

So how does all that tie into the current real estate market? Okay, it’s important to remember that real estate, for most people, is a long-term investment. So in five or ten years from now, when you’re ready to sell there’s a darn good chance that your home is going to be worth a heck of a lot more than it was the day you bought it. Don’t fall into the trap of trying to time the market. Think long-term good advice and be at peace. Time is your most valuable asset. It can’t be paused or renewed. Be proactive instead of reactive. Take care of your health and spend time with your family and loved ones.

Also read: Why You May Want To Start Your Home Search Today

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