The Florida housing market is so overheated that real estate agents have to make cold calls to potential sellers and “save” the most promising properties.
According to the latest housing report, sales of single-family homes dropped by 19% in May 2022. The reason is not a lack of demand but a shortage of supply.
The market currently has a 1.7 months’ supply of inventory of listed homes. Last May, it was 31% less. But even the current performance is significantly lower than the benchmark 5.5-month inventory when the market is considered to be balanced.
With a severe shortage of supply, real estate agents are increasingly forced to solicit owners of medium-priced homes, even unlisted ones, and persuade the proprietors to seize such a great opportunity. This way, a home that meets the client’s requirements may never even go on a free market. Agents also “save” some properties and do not advertise them on multiple listing services.
So if you are looking for a home to move to Florida as a permanent resident, it’s important to hire an experienced intermediary. Investors, on the other hand, should consider investing in off-plan real estate that will probably be in high demand in the market with a supply shortage.