The last recession was ten years ago which took a toll on the real estate market in the state of Florida. There’s a lot of time in between then and now which begs the question, how is the housing market in Florida doing now?
Researching the current market and future housing market predictions can help you make the appropriate decisions moving forward in real estate.
Here’s a look at the Florida real estate market.
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An Increase in Production
This production is increasing to fulfill the lack of supply and inventory for people looking to currently invest.
Those in the millennial generation are flocking to areas of Florida with good career opportunities like areas of Tampa Bay, Orlando, and South Florida. This creates a large demand for new single-family homes and other developments like condominiums and townhomes.
There currently are a lot of buyers looking to take homes off of the market even though the prices of property are consistently going up every month. This can be good news for sellers for the time being.
Prices Are on the Rise
Prices are continuing to rise in the Florida housing market. The hottest areas of sales and growth are the Orlando, the Florida Keys, Naples, Tampa, Hialeah, and Sarasota areas.
With over 26,000 single-family home sales in the month of August 2018, the average sale price in Florida is around $254,290.
With the prices increasing, so are the mortgage rates. You’ll also find that the qualifications for the mortgage loans are more difficult than have been in the past. This is due to how many people are looking to invest in the current housing market.
Florida Real Estate Market May See Trouble Soon
Unfortunately, professionals and experts are beginning to see similar signs of an impending housing market crash in Florida like how things were before the last crash in 2007.
Some of the warning signs are things like the need for development but land prices being extremely high making that difficult and higher costs with a lack of labor available.
It’s also just taking a little longer on average to sell a home in the state of Florida. That shows a change in the housing market.
As a result of this, you may find yourself thinking, “I need to sell my house fast.” Selling to reputable real estate investors could be the perfect fit for you.
The Market is a Cycle
The Florida real estate market is in a much better place now than it was a decade ago when the recession hit and the housing market crashed. It is important to remember that the housing market and economy works like a cycle and even though things are great for sellers at the moment, it’s not guaranteed to stay that way.
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