Is Florida Real Estate Booming?

Bright scenic morning view of the beachfront promenade in Lummus Park adjacent to historic Ocean Drive in South Beach, Miami, Florida

While the Covid-19 pandemic slowed the sales of Florida real estate, it didn’t stop them, and now that the state and most of the rest of the country are opening up, Florida home sales are experiencing significant demand. South Brevard County, located in the central part of the state along the Atlantic Coast, is one of the most desirable locations for Florida real estate, both for people relocating to the state and for investors.

How Hot is the Florida Market?

Over 800 people per day are moving to Florida, and this relocation rate is expected to remain consistent until 2025. People moving to Florida are here for many reasons. Some are “snowbirds,” looking for a vacation home or second home, while others are relocating along the Space Coast, an area that has a diverse job market, from technology to hospitality.

Still other new Florida residents are immigrants, a demographic that are primarily renters, which means that real estate investors may be able to add to their portfolio of investment properties. Finally, don’t forget travelers! Investors or people who own a vacation home in Florida may be able to earn passive revenue by being an Airbnb host.

What is the Significance of a Seller’s Market?

Real estate markets are generally referred to as either a “buyers market” or a “seller’s market.” This indicates whether it’s a market with more demand than supply, which means it’s a seller’s market. A buyer’s market, on the other hand, means that there are more homes on the market than there are buyers.

Florida is currently a seller’s market, and with the influx of homebuyers, coupled with a limited inventory, a booming seller’s market. When a real estate market has more potential buyers than there are homes, sellers are able to achieve at least their listing price, and often over it. Some lucky sellers may even be on the right end of a bidding war, in which buyers will try to outbid each other to “win” the house.

For Florida real estate investors, despite the tight inventory in the state, the demand is expected to remain strong, and therefore, it’s a good investment.

What Should I Know Before Buying Florida Real Estate?

Understanding the real estate climate is important for buyers to know. Your professional Florida realtor will advise you about the condition of the market, and which home is right for your needs. Because Florida is a booming seller’s market, however, loans may be more difficult to secure, because lenders may worry that the price of the home is too high, or they may be overextended.

Another thing to bear in mind about Florida real estate is that location is everything. Whether it’s in the desirable South Brevard County area or anywhere throughout the state, your house won’t be a good investment if it’s not in a good location. A native Floridian real estate agent can guide you to the best location.

David Curri – Your Florida Real Estate Team

David Curri, led by experienced realtor Dave Curri, is a locally owned real estate company specializing in the South Brevard County area. We understand what buyers want, whether it’s a home for you and your family or a lucrative investment opportunity. Our client approach is about building relationships, not just selling houses, and we use our depth of knowledge about living in the community to help you become a vibrant part of it. Give us a call to get started – we can’t wait to work with you!