Florida Realtors’ data: Single-family home sales rose 23.3% year-over-year, median sales price up 18.9%; condo sales up 52.6%, median price up 15.2%. The coronavirus was first detected in Fla. on March 1, 2020; therefore, last March’s data was the first to reflect the pandemic’s impact.
Things are starting to get interesting here in Central Florida. Interest rates are still low and so there is still a lot of interest in purchasing new property. However, inventory is so low that buyers are finding themselves putting in several over ask offers on properties and still getting beat out by other, better offers. We are finding ourselves in a difficult situation because, as a buyer, you want to buy now so you can take advantage of the low interest rate. However, as an agent, I am starting to lean towards suggesting my buyers look at new construction or taking their time and beginning their searches in a few months. The main reason for this is new construction is still being built throughout Central Florida and at good prices. If you can wait the 3-6 months for the home to be built, I think this is a great option for buyers. If you don't want to go the new construction route, you are going to be paying a premium on any homes you purchase today. Most of the homes I have seen sell recently are at ask or over ask. If this is not going to be a 10+ year home, you could find yourself in a situation in 3-5 years where you won't be getting the return you are looking for. Real Estate goes through peaks and valleys. It's just the nature of the business. It's something you need to keep in mind if you are a buyer in today's market.
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