With the current economic climate, one would expect the home buying market to slow down. However, contrary to popular belief, the home buying market is actually thriving in Florida. From first-time homebuyers, investors, to those homeowners looking to upgrade, and buyers that are moving to Florida in record numbers.
What is driving this trend, and how long will it last?
Although interest rates fluctuate from time to time, the current low rates have been a driving force for homebuyers in Florida. With the Federal Reserve keeping rates at an all-time low, prospective home buyers are taking advantage of this opportunity to purchase a home while the rates are low. The low rates mean lower mortgage payments, which makes homeownership more affordable.
The COVID-19 pandemic has forced masses of people to rethink what they want from their homes. Remote work and virtual learning have given people more freedom to live where they want without the need to be close to their offices or schools. As such, many homebuyers who sought more space, privacy, and outdoor areas, viewed Florida as an appealing destination. With its sunny weather, things to do, beautiful beaches, and friendly locals, it’s no wonder homebuyers are considering Florida a top place to call their home.
Compared to states like New York or California, Florida’s cost of living is much lower due to no state income tax and lower property taxes. Homebuyers will need to spend less of their income to purchase a home, and this provides a great deal of value when you consider the other benefits associated with living in The Sunshine State.
Florida’s real estate market remains attractive to real estate investors since it shows no immediate signs of slowing down. The state’s burgeoning cities, increasing population, and growing economy all imply that the real estate market’s outlook will remain fruitful both in the short-term and long-term. Florida’s diverse economic features and relaxed tax laws are added bonuses for investors seeking to own a share of this intensely robust market.
Florida’s tropical climate is a significant advantage that attracts home buyers to the state. The warm temperatures throughout the year make it an attractive destination for snowbirds to permanently relocate, while its natural beauty and access to an abundance of outdoor recreational activities, provide endless opportunities for young people, growing families, and retirees alike.
If you are a potential homebuyer, Florida is a smart destination to consider. With its affordable cost of living, desirable climate, and robust real estate market, Florida is an attractive location for homebuyers looking for a change of pace. The current low interest rates make it even more compelling for prospective homebuyers to invest in a Florida home. While the pandemic has brought new challenges for the real estate market, it has also provided new opportunities to reshape the vision of what home really means. Act now to avoid disappointment and secure that dream home in Florida.
Call The McFarlane Construction Group TODAY! Let us make your dream home a reality, call us at (407) 743-4667.