Are Florida Property Values Going to Rise Again in 2022?

The housing market in Florida last year was nothing short of epic. More new construction home builders set up shop all around the state and are building new home communities faster than ever before. Last year proved that there were simply more buyers that wanted homes than there were sellers to provide them. This inevitably led to higher prices, much higher prices in popular cities. 

What can buyers and sellers expect during 2022?

What Caused Home Values to Soar?

If you paid any attention to the news lately you probably heard that people are moving to Florida in droves. Most from other states, up north. These folks typically sold their homes for big profits riding the nationwide housing boom. Only to relocate to the sunshine state with intentions of buying a home. 

Even new homes are sold out in many of the communities built last year. Many of the homes offered for sale on the Multiple Listing Service (MLS), were getting sold just hours, to days, of being listed. Moreover, the newest sections of these neighborhoods, which are next to be built, are also largely sold out until 12 to 15 months. That puts some folks into 2023, move-in dates. 

So, What’s The Best Way to Purchase a Home in Florida?

Since the market is still bustling, there are a few important steps you can take in advance, to ensure the highest probability that you will get the home of your dreams, and not have to settle. They entail hiring a local, professional realtor, not a family member who got licensed unless they are experienced. Additionally, becoming preapproved for your home loan before making offers can save you time, money, and heartache later.

Let’s go over these in some additional details to clarify each respectively.

Source a real estate agent who is at least one of the top producers in your local area. That way you know they have lots of experience buying and selling homes. Your agent should be knowledgeable about the community or types of properties you’re interested in purchasing. They can provide valuable advice about what your offer should look like, based on what sellers are asking for. The agent might have pocket listings, or homes not yet listed on the Multiple Listing Service (MLS). 

Have your realtor structure your deal from start to finish supporting you on each step, from making the first offer, negotiating a deal, getting an inspection, asking for concessions, if any, and finally bringing everything together for closing time.

Mortgages are more complicated but just as important to becoming a homeowner for most people. If you get all your ducks in a row, so to speak, with your home loan, then sellers will take your offer seriously. 

Many people make the mistake of making offers that are accompanied by prequalification letters, which don’t mean anything, really.

On the contrary, your mortgage broker can get you preapproved, with all the necessary documents, underwriting processes, and then your offer is almost as good as cash, almost.

2022 Market Predictions!

There is little doubt that 2022 will be another robust, fast-paced year in Real Estate. In fact, many of the new home builders are reporting that their newly offered 2022 homes for sale are going quickly. Most buyers should expect at least 3 months and up to 15 months wait time for new construction houses. 

There are popular cities that have seen upwards of 20% price increases from 2020 until 2022, which makes buying homes that match your requirements more challenging at times. 

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Conclusion to This All!

Hopefully, you can see why the housing boom is here to stay, at least for the short-term future. Anyone who wants to buy real estate these days should head the warning about being prepared before you begin shopping. There are so many buyers trying to secure homes as well, that it’s literally a competition for who will pay the highest price while being able to show they can easily close on what is offered. 

Contacting professionals within the real estate space will help you get an edge over buyers who think they can get their deals done themselves. In slow markets, it’s much easier to navigate your property purchase. But the fast-paced housing market of 2022 is nothing to mess around with if you are serious about buying a home.