When Is the Best Time to Buy a House in Florida?

Are there ‘worst times’ to buy a house in Florida?

Florida’s sunny disposition makes it attractive to homebuyers almost year-round, but that doesn’t mean it’s always a good time to buy.

“I think the only time it would be harder is when it’s probably peak season when it’s really busy with tourists. It might be the only [bad] time because it might be hard to get into rentals, or maybe you want to look for a beach condo. Getting into that condo may be a little bit more difficult during peak season of the summer or spring break than it would be on an off weekend or off month,” Ekelund says.

If you want the best buyer experience and the most home options, you should avoid buying during the peak tourist seasons of summer and spring break.

What’s unique about the Florida housing market?

With more than 22 million people estimated to be living in the Sunshine State, Florida is the third-largest state in the US by population. And that number continues to grow. State government officials estimate that Florida will gain an average of 834 new residents each day between now April 2027. The state’s uniqueness and what the housing market offers are part of what draws more residents there.

Known for its warm weather year-round and world-renowned theme park destinations, like Disney World and Universal Studios, Florida draws a wide variety of residents and tourists alike. The constant flow of tourists means that real estate investors can find plenty of opportunities for short-term rentals. The warm weather draws a high volume of retirees, college students, and sunshine enthusiasts to make Florida their home, too.

The weather and the favorable climate aren’t the only things that make Florida unique, though. “What’s interesting about Florida is you could have a 1900 Craftsman-style home, and then you go a couple of houses down and there’ll be a brand new build that looks like a Florida cottage,” Ekelund says. “Coming here and seeing the uniqueness of the architecture and the lay of the land, I think it makes Florida very unique.”

Is it a good time to buy a Florida house in the current market?

Buying a home in Florida right now has its perks, thanks to a booming housing market driven by population growth and high demand. With more than 800 people moving to Florida every day, home values have doubled in the past six years. The state is also seeing a lot of new construction, ranking third in the nation for new home builds, so there’s plenty of ongoing investment in housing to keep up with the demand.

On the flip side, there are some challenges to keep in mind. Rising mortgage rates and inflation have made it harder for some buyers to afford homes. Plus, homes are staying on the market longer and more sellers are cutting prices, which is a shift from the fast-paced sales of recent years.

Despite these hurdles, Florida’s housing market remains strong and attractive, thanks to its tax benefits, great weather, and solid economy.

“Up in the panhandle, the market has still been on fire. Yes, it has dropped, but also, inventory is up,” Ekelund says. “I think the housing market here in Florida is going to continuously stay healthy,” adding that there are a lot of hidden gems in the panhandle area.

What’s the best way to get started buying a house in Florida?

Feeling like you’re ready to buy a house in Florida? The best way to get started is to assess if you truly are ready to buy a house. Determine whether you have enough money saved for a down payment, evaluate your credit score, and make sure you have a secure job.

You can also take advantage of HomeLight’s homebuyer tools, such as the Home Affordability and Down Payment calculators.

Once you feel like you’ve checked off all the prerequisites for home-buying, start looking for a real estate agent. Search for agents in areas you hope to buy to find someone who will know the local market. It’s a good idea to talk to several agents before you choose one. You’ll want to find someone you feel comfortable with and who has a good amount of experience.

HomeLight can connect you to a top-performing agent in your selected market. We analyze more than 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs.

Once you find an agent, they will work with you to understand what you want in a home. Then, you can start searching for and viewing properties.

Which are the best cities to buy a house in Florida?

Not sure where to search for homes in Florida? Check out these top choices:

• Altamonte Springs: Looking for an affordable place to buy a house in Florida? Look no further than Altamonte Springs, an Orlando suburb with a lot of job opportunities.
• Jacksonville: This northeast Florida city is one of the more attractive cities for house flippers in Florida.
• Miami: If you can afford the median list price of $650K for a home, you’ll enjoy the vibrant culture, thriving nightlife, and enticing food scene that locals love about this city.
• Orlando: Orlando houses four major theme parks. Look here if you are interested in moving closer to the worlds of Disney, Universal Studios, Sea World, or LEGOland.
• Pensacola: Ekelund recommends Pensacola as a top location choice due to its small city vibe and proximity to other neighboring states.
• St. Petersburg: Once a small town attractive to retirees, this city now attracts Millennials and Gen-Xers, too, due to its charming historic buildings and growing arts scene.
• Tallahassee: As the capital city of Florida and home to Florida State University, there’s a lot going on in Tallahassee, but median home prices still remain reasonable compared to the median prices throughout the state.
• Tampa: Real estate investors like Tampa for its thriving economy, but anyone looking to buy a home will find the city and its many employment opportunities attractive, as well.

»Learn more: 6 of the Best Retirement Communities in Florida

How else might I get a better deal on a home in Florida?

Even in a seller’s market, there are ways to find a better deal when buying a home. Having an agent who can assist you in finding these deals, if that’s your goal, is essential. Make sure you talk about finding deals on properties when you are interviewing agents.

Here are a few things to try to get a bargain price on a property:

• Work with an agent who can negotiate: “Having that sales experience and being able to negotiate is really important,” Ekelund says. He cautions that not every agent has negotiation skills, and you want an agent who will work to get you the best deal.
• Look for bank-owned or short-sale properties: These typically are homes that have gone through foreclosure or are about to, so you can often get a lower price for the home.
• Shop around for mortgage lenders: Just like with agents, you should talk to several mortgage lenders. You can sometimes get a better deal for a mortgage with one lender than you may with another.
• Consider your wants vs. your needs: When you’re looking for a house, it’s good to dream big, but letting go of a few wants may help you find more options for a good deal. For example, opting for a smaller yard may help you find a beautiful home with a more preferable price tag than other options.

A few final tips for Florida homebuyers

Overall, there is no one-size-fits-all answer to the question of when is the best time to buy a house in Florida. However, there are a few general trends and tips that can help you make an informed decision:

• Look for market downturns or recoveries: Buying during a downturn or early in a recovery can give you more negotiating power and more inventory to choose from.
• Keep an eye on interest rates: Lower interest rates can make it easier to afford a home and result in lower monthly mortgage payments.
• Consider your personal preferences: Think about factors like weather, school schedules, and other personal preferences when deciding when to buy.

Of course, your lifestyle and needs should play a role in deciding when to buy a house in Florida. Try to balance the best seasons for buying a home in Florida with your needs and the needs of your family. You can find great options throughout the year if you know where to look.

Bottom line: When is the best time to buy a house in Florida?

Ultimately, the best time to buy a house in Florida is when it’s the right time for you. By considering market trends, interest rates, and your personal preferences, you can make an informed decision that meets your needs and fits your budget.

Whenever you decide to start your home-buying journey, we always recommend working with a top real estate professional. An experienced real estate agent can help you navigate the market, find the right property, and negotiate the best possible deal.

Header Image Source: (Julien Maculan/ Unsplash)