How to Sell Your Home or Condo in 2024

By Andrew Duncan

Andrew Duncan is the Founder, CEO and Co-Owner of Tampa’s Best Real Estate Agent Team, The Duncan Duo, the Host of The Duncan Duo Real Estate Show Sundays at 10am on 970AM WFLA. As the team’s Founder, CEO & Co-Owner, Andrew’s focus is on the growth of the company, marketing and promotion initiatives as well as motivating and coaching the team’s agents and leadership.

Right now, in Florida, we see two distinct residential real estate markets: condos and single-family homes. The single-family home market remains a seller’s paradise, with low supply driving intense competition, even though inventory has ticked up slightly in some neighborhoods. It’s still very much a seller’s market. However, the condo market tells a different story that favors buyers.

The Condo Market Shift. The condo market has seen a massive increase in inventory for various reasons. One major factor is the milestone survey condo communities must complete to satisfy new state regulations. After some buildings collapsed in South Florida, the state of Florida revised its condo community requirements for construction. Now, the cost of these repairs and assessments is being spread out to condo owners, leading to rising HOA fees and insurance premiums. As a result, the inventory in the condo market has more than doubled in the last year, creating a buyer’s market.

Selling in a Buyer’s Market. If you’re selling a condo, hiring an aggressive agent and pricing your property competitively is crucial. Don’t rely on past comps set before these changes took effect. Instead, price your condo aggressively against the current competition. This strategy is what’s getting condos sold today. The supply and demand dynamics between single-family homes and condos have entirely flipped, making it essential to adapt your selling strategy based on your property type.

If you own a single-family home in Florida, your pricing and selling strategy will likely differ significantly from that of a condo owner. Understanding these distinct market dynamics is crucial to successfully selling your property. Whether you’re selling a condo or a single-family home, working with an agent who understands these market shifts and can expertly guide you through the process is essential. Call me at (813) 359-8990 to know more.