Thinking About Selling in Key West? Buyers Are Waiting

Yesterday I wrote about the shortage of inventory we are seeing in the Key West real estate market. Right now, there are only around 109 single-family homes for sale in Key West, and once you start narrowing those homes down by neighborhood, price range, condition, and what buyers are actually looking for, there really aren't that many options.

For buyers who are ready to purchase, that can be frustrating.

For sellers, it could be an opportunity.

Key West Has a Shortage of Homes for Sale

We typically lose inventory during the summer months. Some homes sell, some sellers take their properties off the market for the summer, and others decide to make improvements or simply wait until our busier season to sell.

As we move into October and eventually December and January, I expect we will start seeing more homes come back onto the market.

But right now, buyers have fewer homes to choose from.

That means sellers who decide to list before inventory increases may have less competition.

Cayo Realty Key West

I Have Buyers Looking Right Now

I am currently working with several serious buyers who are actively looking for homes in Key West.

I have a cash buyer looking in Old Town around $2 million.

I have another Old Town buyer looking around $1.5 million.

And I have a buyer looking for a home in Midtown or New Town around $1 million to $1.2 million.

These are buyers that are contacting me daily looking for a home!

These buyers are ready. The problem is simply finding the right homes for them.

Less Inventory Can Mean More Attention for Your Home

A lot of sellers automatically think they should wait until season to put their home on the market.

There is certainly more activity during season, but there are also usually more homes competing for buyers' attention.

Right now, inventory is limited.

A home that comes on the market in the right neighborhood, in good condition, and at the right price can immediately get the attention of buyers who have been waiting for something new.

I have hungry buyers watching the market right now.

You Don't Necessarily Have to Wait Until Season

If you have been thinking about selling your Key West home, it may be worth having the conversation now rather than automatically waiting until winter.

Every property and every seller's situation is different. I would never suggest listing a home simply because inventory is low. Price, condition, location, timing, and your individual goals all matter.

But if you own a home in Old Town, Midtown, or New Town, there may already be a buyer looking for exactly what you have.

If you are curious what your home could sell for or whether it might be a fit for one of my current buyers, reach out to me.

Sometimes the best opportunity to sell isn't when there are the most buyers in town.

It's when the buyers who are here have the fewest homes to choose from.