If you’ve been holding off on making a big ticket purchase, then it’s time to stop waiting! Just two months ago, Florida saw one of its biggest declines in consumer confidence in four years. This past month, however, the index has jumped right back up, making for highly optimistic market conditions.
Get a closer look at the exact breakdown of the numbers, and learn more about why now is the best time to jump into the real estate game.
About the Index
The Consumer Sentiment Index is calculated by the University of Florida on a regular basis. The University takes into account things like personal confidence about financial situations, future expectations, and views on the U.S. economy.
With economic expansion around the country continuing to thrive, Floridians are feeling those benefits and following suit.
The index uses the year 1966 as a benchmark for conditions. A rank of 100 means that conditions are as similar as possible, while 150 is the best possible rank, and 2 is the worst. For the month of July, the index hit 100.2, up 3.2 points from the previous index.
The Five Factors
Here’s a quick breakdown of the five major highlights from last month’s index:
- When it comes to Floridians’ thoughts on their personal financial situations, confidence is inching towards 100, increasing by 3.6 points this month for a total of 96.8.
- After three months of decline, people are finally feeling good about those big ticket purchases! July’s index is up 3.2 points, putting the total at 103.5.
- Even the future is looking brighter! Expectations for personal finances in one year went up a whopping 4.5 points, now standing at 108.0.
- The biggest jump of all, Floridians and regaining faith in the U.S. economy, adding 5.1 points to their view of U.S. economic conditions for a total of 97.7.
- The most modest jump but still an increase, views on the U.S. economy in the next five years went up 2.2 points, now totaling 94.9.
What Does That Mean for Florida Real Estate?
Well, it’s a great time to buy… which means it’s also a great time to sell! People are feeling confident not only about their current financial standing, but also about their future outlook.
Mortgage rates are lower than they’ve been in years, and homes prices are only rising over time, so there’s never been a better window to buy than now.
If you’re in the market to sell, it’s the prime time to take advantage of financial optimism and increasing prices—just make sure your home is priced accurately!
Get Involved with Florida Real Estate
Whether you’re buying, selling, or investing in the Sarasota area, the Kotaska Team has the resources and experience to lead you to success. Take some time to browse our resources for buyers and sellers, check out our in-depth area guides, and give us a call when you’re ready to get started.