Statistically speaking, housing market(s) throughout the entire country have been running like wild horses these last two or so years; and the sunny over-satisfying, sands of the Sunshine State, are no exception.
In this guide we take a closer look at the FL real estate market, dissecting the average time to sell a home in Florida, so you can better prepare for what’s ahead.
And remember, if you need to sell quickly, for cash, and without repairs, contingencies, and lender hassles, give us a call. At Unload My Home we purchase Florida houses in ‘as is’ condition, making all-cash offers and putting money in your hand in as little as a few days.
Now let’s dive in…
A Look Back at Florida Real Estate Markets Can Reveal Key Insights
The average time it takes to sell a house in Florida is dependent on a multitude of factors, the largest being location, property type, neighborhood, and property condition.
In 2021, the average time it took to sell a house in Florida, counting the days from listing on the market to closing date, was around 87 days. Broken down, public data shows that it took around 50-55 days to get an offer, then a closing period (which is pretty standard) of around 30-35 days or so.
Oddly enough, even though this seems like a relatively quick time frame, the average time to sell a home in Florida was around 5-10% slower than the average of the national real estate market.
In other words, in other words, it took around three months for a homeowner to sell a house in Florida in 2021. But what about 2022???
Let’s take a look at factors playing a role in the average time to sell a house in Florida before diving into the data.
In a normal market, there would be several factors that play into that time frame including but not limited to: market demand, local job market risings or falling, property type, area comps (comparable properties to the one you’re selling), and the most obvious of them all, location, location, location!
However, given the hot “post-pandemic” market, the new common problem seems to be a lack of inventory. Properties come and go quickly, creating bidding wars in some locations, and offers that exceed asking prices. The old days of negotiating and having ample time for the back-and-forth are seemingly a thing of the past (for now).
The current Florida real estate market favors speed and punctuality.
🔸 How quickly can your agent get your property in front of the eyes of the appropriate target market?
🔸How punctual can your potential buyers be with both being approved for financing, as well as actually clearing the funds and paperwork?
🔸Are there still repairs, inspections, code ordinance issues, or any township things, that need to be addressed?
🔸Are there special terms that need to be fulfilled?
All of these, and more, should be greatly taken into consideration while trying to estimate your turnaround times throughout the listing and sale process.
Home sales and prices are rising, inventory is going down, and the number of buyers paying in cash for single-family homes has increased by almost half. The truth is, practically every single metropolitan area in the state has seen home prices increase by double-digits as of the end of the year reports for 2021.
🔸 The end of year Zillow 2021 reports place the typical median home value in Florida around $330,00.
🔸 Those same Florida median home values have grown by 24% or more over just the past year alone.
🔸 Over the past five years, home values in Florida have increased by nearly 70%. We’re encroaching a potential double market.
🔸 Single-family stand-alone home property prices in Florida are up 18% or more as of the end of last year, compared to the previous year, according to the end of 2021 report(s) from Florida Realtors.
🔸 At the end of the year for 2021, active listings for single-family homes were down nearly 30% compared to 1 year ago, with inventory at an under two month’s supply. (1.2/1.3)
🔸 Key real estate market stats for Florida can vary greatly by area, so be sure to research markets by city in Florida, including Miami, Naples, Tampa, Orlando, Tallahassee, and Jacksonville.
Given all that we’ve learned, how does that play out in the actual market? While 2022 data is ever-evolving, we do have some early stats to help guide your decisions when selling a house.
What’s the Average Time to Sell a House in Florida – 2022
Florida: 87 days, at an average price of $424,900
National Average: 81 days, at an average price of $375,000
*Based on Realtor.com data (January 2022)
As you can see from the data above, it takes an estimated 7.4% longer to sell in Florida than the national average, although these figures will continue to vary month to month as the year progresses.
This one is a little complicated and varies slightly depending on the source you’re obtaining data/records from or your definition of the word “best”.
If “best” to you and your situation mean fastest, then across the board the answer leans towards July, with its median time from list to sale, being around 42-45 days, which is about 8-10 faster than the annual average for that section of time.
However, if your current stage of life makes that definition of “best” lean towards the highest prices and profits, we tend to have slight discrepancies depending on who you ask (Zillow, Realtor, Redfin, Etc are all just barely different in their reporting), with the two biggest answers being November and January. Remember that $330,000 median home pricing mentioned earlier? During just this past November of 2021, the average sale price was around $415,000, about $80,000 over the current annual average!
That’s a pretty significant increase if you can make those times work with your sale scenario. So loosely speaking, summer for the speed, and winter for the extra finances.
Home sellers in Florida and their real estate agents use an FR (Florida Realtors) form, or the FR/BAR (Florida Realtors/Florida Bar) form, such as “Residential Contract for Sale and Purchase” or the “As Is” Residential Contract for Sale and Purchase.
👉Are there any differences between these two forms? Very much so, Yes.
The differences of the two lie within in the rights and obligations of each individual party involved in the transaction when it comes to property inspection and overall condition and repairs, if needed, of the house.
With an As-Is contract, things are exactly that. As-Is. The seller may be relieved of certain responsibilities pertaining to the condition of the house. Nationally, there has even been a rise in no-inspection sales these last few years as well. Depending on how your property sits, these “As-Is” contracts might be one of your best, and easiest, avenues of interest.
As for the first, the buyer has full capabilities and rights to attempt to negotiate a variety of things, pre-sale items for fixing, ranging from inspection clauses, to simple around the house fixes, or even for a reduction in price for certain repairs to be handled later buy the purchasing party.
One of the largest (arguably THE largest) drawbacks to selling your house on the market with a real estate agent is that the buyer almost always needs to have lender financing. This puts the LENDER in control of the entire deal, forcing you to make updates, changes, and costly repairs until THEY see fit to give your buyer a mortgage. As you can imagine, this not only slows down the process of selling a home to a grinding halt, it also means that many would-be sellers might not be able to afford such repairs, nor have time for them.
But that’s not the only bottleneck here…
There could also be issues with the title company, mortgage brokers, unexpected credit changes, contingencies, and more.
🤝 Selling to a cash buyer like Unload My Home, eliminates all of these, and enables you to sell your Florida house ‘as is’ with not required repairs, contingencies, or wait time.
So let’s recap a bit.
We all know “cash is king,” and in today real estate market, that is no exception.
When dealing with the sale of your property, working with a cash buyer can free up time, paperwork, and a large hunk of the hassle and stress involved in the typical home selling process, such as:
Avoiding the logistics and successful execution of properly prepping and marketing your property (no need for open houses or any of the typical showmanship involved in the process).
No need for repairs or renovations, unless predetermined personally between you and the buyer, meaning you can sell almost anything in any condition, as long as both parties are in agreement.
🔸A straightforward and fair property quote based on your scenario, not necessarily dependent on comparable properties in the area.
🔸Expedited sales process due to a lack of parties and paperwork involved – sometimes in under a week!
🔸No commissions! What the property is sold for is what YOU get!
Going the ‘traditional’ route, with a lender-financed buyer means you may have to wait a timeframe of around 87 days (or three) months before you can sell the house and move on. If you simply can’t wait that long to close, give us a call or drop us a line. We’d be thrilled to get you a no-obligation cash offer in hand ASAP. If you like the deal, we can close in as little as a few days.