Florida MLS Comps data for the first quarter of 2017 points to another good year for the Sunshine State’s real estate market. More new listings, higher median prices, more pending sales, and more closed sales all show that the market is continuing to boom. Examining recent Florida MLS comps just goes to show how quickly the market evolves, which in turn highlights the importance of why investors must get Florida comps to stay on top of an ever-changing market.
The continued success of property means investors must be sharp when it comes to selling a house and the best way to do this is to get Florida comps. A home’s value is not the same as it would have been six months or a year ago. Analyzing Florida MLS comps data allows investors to see up-to-date information for sales in the local area. Investors get comps in Florida to calculate a real-time ARV, as in today’s market, inaccurately pricing a house could mean unknowingly leaving tens of thousands of dollars on the table.
Using Florida MLS Comps – An Example
Investors who get Florida comps are arming themselves with the best tool available to accurately value a house. Let’s look at an example of how to correctly use Florida MLS comps:
Let’s say you bought an average single-family home in January 2016 for $190,000. You might consider an offer of $205,000 as a great opportunity to easily capitalize on your investment by flipping the home and taking $15,000 in profit. Those who get Florida MLS comps will be able to see the up-to-date sales figures for comparable homes. As the median sale price for single-family homes in Florida is up to $220,000 for January 2017, accepting what at first looked like a good offer now looks kind of low. If you would have accepted the offer of $205,000 you could have left a further $15,000 worth of profit in the sale!
According to Florida MLS comps data, the median sales price from January 2016 to January 2017 has risen by over 10%. Smart investors who get comps in Florida will know this and price their home correctly.
Get Florida MLS Comps in a Fast-Paced Industry
The market in Florida moves very fast and so there isn’t a more appropriate place to get Florida comps than here in the Sunshine State. The average time to contact is faster for 2017, now at 49 days, while the time to sale has also shorted, now at 97 days. The market changes quickly and seems to be only heading in one direction: up. Get Florida MLS comps to make sure you are maximizing the value of your real estate sales. To get the most, you need to be cutting edge, and Florida MLS comps are the best way to stay ahead of the curve.