Whether you are selling or buying a property, getting to know the local real estate market is a must. Even though some general rules apply everywhere, it’s good to know what’s happening in the real estate in the area you’re about to dive in. When talking about Florida, this state has become more and more popular among future homeowners. The Sunny State attracts more and more people who are ready to spend the money on a good-quality property. So, if you are one of them, or you have a home you’re about to sell – these real estate trends in Florida will be quite handy.
The housing market will continue to grow
As it is already happening, the Florida housing market will continue to grow in the next year, too. Factors like no income tax, low unemployment, and mortgage rate, make Florida popular among investors and home buyers. It is one of the fastest-growing states, which results in flourishing of the real estate market, too.
Real estate trends in Florida – housing value
Even though the housing value has been growing recently, that growth is actually slowing down. The reason for it is the hurricanes that happen quite frequently in the area. So, the prices will go up, but not as high as projected before. According to some real estate experts, the price per square foot will be $250 in Florida, whereas the median property price will be $432,690.
More people will call Florida home
One of the key factors that determine the real estate trends in Florida is the influx of new residents who increasingly hire respectable moving companies like the one at movingkings.com to move to Florida. As the economy is getting stronger, more people will call Florida their new home. The cities that attract most of the new residents are Parkland, Palm Springs, Lakeland, Jacksonville and Groveland. So, with more people coming to the state, the demand for real estate properties will increase, too – both for purchase and for rent.
Are you buying a home in Florida?
If you are a first-time house buyer, you probably find real estate confusing. It’s okay to feel that way, because a lack of experience may lead to feeling overwhelmed and not ready to make the right choice. Here are some tips on how to understand the ever-changing real estate trends and get the best deals:
- Pick the right time to buy a home–Buying a house avoiding the peak season in the Florida real estate market can save you thousands of dollars. So, try to find a home and purchase it in January, which is the perfect time to get the best deal.
- Get the help of an experienced, local agent. A professional will be able to help you get a better deal and don’t forget any detail related to the house-buying process.
- Buy within your budget – Make a proper calculation of your house budget and don’t go over that line. Also, include all the additional costs that follow the house purchase process.
- Follow your heart, not the trends. Trends are everywhere – in the real estate market, house décor, etc. Be sure to check out the trends, but make a decision according to your preferences, budget, and lifestyle.
Lisa Roberts is a long-time real estate expert. For the past two decades, Jack has worked for a large real estate company and he is an expert when it comes to investing in rental real estate. Currently, he lives in Brooklyn with his stay at home wife and two daughters. On the weekends, he prefers to spend time with his family, since on workdays he works long hours. Jack’s plan is to invest in rental real estate and retire early.