The Florida housing market is a buyer’s market right now. Here are some of the reasons why. Learn what makes this state so appealing to home buyers.
What if you missed the perfect window to buy a home in Florida?
Buyers often get nervous about the Florida housing market. What if things fluctuate and you end up paying way too much for your dream home?
However, it turns out that the current market is perfectly ripe for buyers. And here are 10 reasons why that’s the case!
1. Nationwide Trend
Florida is leading the charge when it comes to a nationwide trend. In fact, there has never been a better time to dive into the Florida real estate market!
Recent research indicates that a whopping 75% of homes nationwide are going to sell for less than their asking price in the second quarter of 2019. That means it’s a buyer’s market wherever you go!
However, there are a few good reasons that you should ultimately settle in the Sunshine State.
2. Miami Nice
Obviously, you want to get the most “bang” for your buck. So, which cities have the most houses selling for less than their asking price?
Among the “top 10” cities where you can find a housing deal, Florida has four entries. This includes Orlando, Tampa, Jacksonville, and Miami.
Not only can you find a great deal, but you have great options for where to hang your hat!
3. Architectural Marvels
You shouldn’t enter into the housing market in Florida just to get a deal. You should also focus on places that offer a lot for you and your family to enjoy.
As part of the booming economy and population (more on these later), places like Miami are investing in amazing new architecture. This effort is being led by some of the top architects and designers in the country!
If you want a city that is beautiful inside and out, this is the best time to move to Florida.
4. Millennials: The Time Is Now
Millennials remain one of the largest growing demographics in the world. And it turns out that this is the perfect time for Millennials to buy!
Of the available housing inventory, a large chunk of the homes cost between $200,000 to $300,000. For many Millennial couples, this is the perfect price range for a first home.
And those who are worried about securing a loan may be pleasantly surprised by how easy the FHA loan process is.
5. Central Florida Changes
Most buyers look at their home as more than just a place to live. It is also an investment in their financial future!
And if you’re looking to move to Central Florida, this may be the perfect time to make that investment. And it’s all thanks to Orlando and Tampa.
Right now, these two cities are treated as two different metropolitan areas. However, experts predict that the area between the two cities is going to become a major growth area of its very own.
Right now, the prices in this region are relatively low. And when (not if) this area explodes in population and popularity, your home value will go through the roof.
6. High Vacancy Rate
One of the major driving factors of house cost is the vacancy rate. If there are more vacant homes, then it’s easier for buyers to negotiate a lower rate for a house.
As it turns out, Florida has the 8th highest vacancy rate in the entire nation. And this is math that can work in your favor!
It’s simple economics: the state has more supply than demand. This is your time to get the home you want at the price you deserve.
7. High Employment
Right now, unemployment is very low across the nation. And things are even better in Florida: the state’s employment is growing faster than the national average.
This means more money is being poured into communities and more communities are expanding. This brings life and culture to areas and also helps to drive up property values.
You can probably see a pattern developing here: you need to strike while the iron is hot!
8. Great Cost of Living
Since the housing trend is nationwide, you may be asking a simple question. “Why should I move to Florida instead of somewhere like New York?”
We’ve listed many good reasons, but here’s one of our favorites: the low cost of living.
Many homes throughout Florida are highly affordable. In fact, you can get a great property in Polk County for less than $180,000!
This combines with a lower cost of things like food. Did you know that there is no tax on groceries in Florida and no state income tax?
So, it doesn’t cost much to buy a home and then you get to spend your years saving money. What’s not to love?
9. Major Opportunity
We talk a lot about “community,” and it’s easy for that to seem like an abstract thing. But you now have a real chance to become part of the most diverse communities in the country!
Florida (particularly Central Florida) is more racially and culturally diverse than ever before. So you don’t have to worry about “fitting in.” Instead, you can start thinking about ways that your own culture will make the area even richer and more diverse!
10. Best of Both Worlds
There is a lot to love about living in a big city. However, those who live there usually hate two things: the high cost of living and the terrible traffic.
The Florida real estate market gives you a chance to have the “best of both worlds.” For example, you can buy homes in Central Florida that are close to both Orlando and Tampa. If you’re curious, you can learn more here!
This allows you to be an hour’s drive away from “the big city.” And when you’re done working or playing, you drive back to a quieter community with no traffic jams and a low cost of living.
Florida Housing Market: The Bottom Line
Now you know why you should enter the Florida housing market. But do you know what to do next after you buy a home?
We are here to bring you the best inspirations for decorating your home and living your best life.