The 2020 Florida Realtors Association Profile of Home Buyers and Sellers was recently published. While some things remain the same, there are some new trends being seen across the state. Perhaps the biggest shift in the market right now is the number working-aged Americans relocating to The Sunshine State. As mentioned in previous articles, many of these buyers are buying homes sight unseen.
Key findings about buyers & sellers
- Online property searches: Not surprisingly, most buyers begin their initial property search online. On average, these searches are performed alone for approximately 3 weeks prior to collaborating with a real estate agent.
- Relying on a real estate agent: Nearly 9 out of 10 buyers (89%) relied on a real estate as a source of information in their home search.
- Florida is still a retirement destination: The national buyer and seller report found that about one-fifth of all buyers were aged 65 or older. As for The Sunshine State, nearly one-third of all buyers were aged 65 or older. Nine percent of Florida buyers cited retirement as their reason for buying. Nationally, about 5% of buyers are retirees. The median age of Florida homebuyers was higher than the national average and regional statistics at 56.
- What buyers are buying in Florida: The typical (median) Florida home purchased in 2020 was 1,960 sq. ft. and built in 1999. Three-fourths of Floridians purchased an existing home, while nearly one-fourth (24%) purchased a new home.
- Why sellers are selling in Florida: Fifteen percent (both Florida and U.S.) moved to be closer to family and friends; 14% of Florida sellers moved due to retirement. Additional reasons prompting sellers to list their homes include a change in family situation, home size (both too small and too large), and jobs.
- Buyers and sellers continue to depend on real estate agents: If you have ever bought or sold a house, then you may have an idea of all that is involved for the transaction to go smoothly. With this said, even experienced buyers and seller may truly not know what all is involved. Eighty-five percent of buyers used a real estate agent for their transaction, and 89% used an agent or broker as a source of information. As for sellers, most hired a real estate agent to properly price and market their property. Not surprisingly, 91% of sellers were “very satisfied” or “somewhat satisfied” with the selling process. This overall satisfaction has consistently remained strong for a long time.
As every state is different, it is important for both buyers and sellers to understand what trends are taking place in their local markets. The 2020 Florida Realtors Association Profile of Home Buyers and Sellers contains important data that may benefit both real estate professionals and their clients. Overall, Florida continues to be one of the most desirable destinations in the country for retirees. With this said, we continue to see increased demand from working-aged Americans moving to Florida as well.
At Live South Florida Realty, Inc. we continue to monitor the various market trends and dynamics to better serve our clients. Do you have questions about the real estate market in Palm Beach, Broward, or Dade counties? We have local and knowledgeable real estate agents ready to assist you throughout South Florida. Contact us today!