It’s November. High season is here. It’s the best month you’ll see if you want to sell your home.
Right now, prices are through the roof and reports show it’s still a seller’s market.
So you’re a homeowner here in Delray Beach or South Florida and if you just had the information in front of you to make an intelligent decision whether you should sell or not. I have it for you.
This is a snapshot of the average sales price in Delray Beach. Take a look.
You can see August – November, 2021, prices went up each month. August was $476k and it went up to $787k. In August of 2022, it was $510k. Then up to $641k.
Too Much Data Proving It’s Time To Sell Your Home
Now let’s discuss supply. In 2019, South Florida had around 54,000 units on the market. Then it dropped by 73%. Inventory has been going up in 2023 and last week it went up to 32,292 units, which is over 101% rise in the last 20 months.
So, sellers may be thinking if inventory is rising, wouldn’t that put downward pressure on my house prices? You would think so, but for the last two and a half years buyers have been thwarted. They don’t have many options to choose. So, we just need to give them more options. More options mean better chance for you to sell your home.
Next is this graph from RPR or Realtors Property Resource. It shows it’s still a seller’s market. The month’s of inventory is 4.39. Anything below six is a seller’s market.
Next is about cash buyers. And that’s a been the big story in Florida. On a national basis, about 32% of all transactions are done in cash. In Florida the number is about 40%. You can see it in this chart below.
Why is that important? Most of my customers are cash buyers.
For sellers, that means the ability to close is much higher. Some of the obstacles that you’ll get from financing buyers are eliminated. If you need to sell your home, this is the best buyer to find.
And what about buying low, selling high. This chart explains it. The median price for a Florida home was just under $250,000. Today it’s over $402,000. So, if you’ve been in the market for 10 years or more, you have a ton of equity. Look:
If you just got into the real estate market during Covid when the market was going crazy, you’ve built up a lot of equity.
The next idea is about migration and population growth in Florida. It’s not just from the Northeast… it’s from out west, too.
California has seen 37,000 people in 2021 who moved from California to Florida, and last year it rose up to 50,000 people.
Florida is still growing by about 350,000 people a year. Between 2021 – 2022, 417,000 people relocated to Florida. That was the first time since 1957 that Florida was named the state with the highest growth rate in the United States.
From 2020 to 2022, 750,000 people moved to Florida. And experts are saying this trend is going to continue for the rest of this decade. Overall, about 1000 people a day are relocating to Florida.
And you can capitalize on that right now.
Look at the most telling image about what’s going on You can see that New York has lost 300,000 people in the last ten years, while Florida has gained over 300,000 people. California lost 180,000 people and New York lost 114,000 people.
And a few years ago, there was a study done by the University of Florida that talked about the fluctuation of population of elderly people into Florida. It showed Florida’s population fluctuates by about 25% from low to high season for the 55+ crowd. For example, Delray Beach’s standing population is about 75,000 people. So, an extra 19k or 20k people come here from November through April.
These are potential buyers. They’re looking for property. So as a homeowner, you want to sell your home before this six-month population surge kicks in and get these 55+ people.
Right now, you feel stuck because you have a 3% mortgage and cringe thinking about a 7.5% or an 8% mortgage. I get it. But don’t let that stop you if you need to sell your home. If you look over the history and look at buying low, selling high, all the metrics I gave you today are reasons why you should think to sell your home.
It’s like a stock that goes up, it stretch’s, and ultimately something snaps. I don’t know what that thing is, but then everything’s come back. It reverts to the mean.
We’re not in that situation right now. We have high prices. We have low inventory. We are now in November and high season. It’s still the best time you should be thinking about putting your house on the market and sell your home.
If that’s your, let me know what your thoughts are. I’d love to hear what you’re thinking about. And if you do want to sell your home, call me.
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Delray Beach – why THIS November is the Perfect Month to Sell YOUR Home. That’s right Delray Beach homeowners – it’s time! Five of six indicators are in your favor. So if you’re on the fence about when to sell your home, November is the month.
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