Our readers know that the South Florida area obviously doesn’t experience the change in the seasons that most of the rest of the country goes through. However, that doesn’t mean that there aren’t some changes that take place when the calendar rolls over into autumn. For the rest of the country, there are some changes that occur in the residential real estate market once the so-called summer buying season dies down. So, will the South Florida real estate market see any changes this autumn?
The short answer is “yes,” potentially. For starters, the changes that occur based on the changing seasons don’t necessarily have anything to do with the weather outside. Once summer is over, many people simply have less free time to spend on major issues such as buying or selling real estate. Children head back to school, parents have to help with their extracurricular schedules and vacation time is put off until the holidays. Of course, this leads to fewer buyers looking to make a purchase, which can actually make many real estate markets more of a buyer’s market.
The buyer’s market theme is the most prominent in the autumn. In general, as there are fewer buyers around there is a tendency for home prices to fall during this time of year. And, the buyers who are looking probably don’t have any particular deadline by which they need to complete the real estate transaction – they probably don’t have kids and they’re not concerned with getting into the new home before the school year begins.
Lastly, in what could be of particular interest in South Florida, autumn time may be a time when more vacation homes are put on the market. Why? Well, the homes have been used for the summer vacation, and now the owners may think that this is the year to finally unload the vacation home.
Source: Forbes, “4 Ways The Real Estate Market Changes After Labor Day,” Sept. 13, 2016