How to Read the Florida Housing Market
The housing market changes and adapts constantly. We can determine optimal times to do things. Your house can be in the best condition it’s ever seen, but if the market isn’t looking for it, then you aren’t going to get what it’s worth.
To learn the market, we have to learn two things:
• How much it objectively costs to sell a home?
• How much will the market currently sell your home?
Assessing your Homes Value
There are two primary ways that you can assess the value of your home. Hiring an appraiser who will also help with consulting and using online tools such as Zillow.
Online Tools –While most tools can accurately assess the value of your home, they will also be closer in line to the de facto market value of your home. They can accurately assess the price of your home on the market at that instant, but not in the future or the objective value.
Professional Help – An appraiser will take all of the information of the house, what needs to be done, what has already been done and what can’t be done. The information given is a close readout of the accurate price of your home as possible regardless of dollar value or market influence.
The Factors of the Housing Market
The first statement that needs to be understood about the housing market or markets, in general, is that they will always trend upwards. Things cost more over time. They will stagger and dip, but they will always go up. Knowing when these staggers happen is how we will sell your home.
There are three factors to the housing market that affect its present day value.
Demographics – What KIND of people live in an area determine its valued. If your area is filled with low-income earners, then odds are it will be a low-income area. These affect the overall market value of not just the homes, but the surrounding areas as well.
Economy – The current state of the economy will affect the overall ‘weight’ of the dollar. If the economy is weak, production and construction down, this will affect the value of the market and the dollar.
Government – If the state and local government are investing in an area, this will push the overall market value of your home up. For example, the beautification project that is going in State Road 7 is increasing the market value of the surrounding area because it is speculated to be a more economized spot in the future.