Florida Real Estate – The High Points
Are you considering purchasing or selling some real estate in Florida? Whether you are looking to invest, buy a vacation home or want to call the sunshine state “home”, we’ve got you covered.
The Florida housing market has attracted a lot of attention in recent years. Several cities, including Orlando, Jacksonville, and Tampa, have become top choices in the country for home investors.
Florida attracts people of all walks and backgrounds. Right now the state is drawing lots of people looking for a bolstering, surging economy and job market. The low cost of living compared to other major cities, a plethora of beaches, retirement facilities, and no state tax are all just a few draws that make real estate in Florida desirable.
Buying Homes in Florida
Buying a home in Florida can seem intimidating at first, but once you familiarize yourself with the process and some knowledge, you’ll see why so many decide to make Florida part of their own lives.
Investors find real estate very lucrative right now as population growth continues to boom. Its main draws are an impressive state economy, and record numbers of job openings.
The Dollar Goes Farther
As of August 23, 2022, Florida mortgage rates are 4 basis points (or .04%) lower than the national average rate, currently hovering at 5.37%. This means that the costs associated with a home loan will be lower as compared to other areas.
In most of the city locations within Florida such as Orlando, home value increases are becoming record-breakingly high. In the 12 months of 2021, home prices increased an average of 27.41%, beating out most other states in the country according to Neighborhood Scout.
Quality of Life
Recreation and entertainment are second-to-none in Florida. US News has listed numerous Florida cities as the best places to visit. You can explore beach life, adventure, and world-class theme parks such as Disney World, SeaWorld, and Universal Studios all within a short drive.
The educational system in Florida has improved tremendously, slowly becoming one of the best school systems in the country.
Selling Homes in Florida
Selling a home in Florida can be an exciting time! The market is very hot right now, making it easier to get top prices in a very short amount of time for your home. The current average amount of time to sell a home in Florida is currently 78 days. This includes the entire process of listing, advertising, and showings, all the way to the final closing.
Getting Top Dollar For Your Florida Home
If you have the luxury of time when you list your home for sale in Florida can make a difference. The best month to sell your house is in July and the worst month is January for final home sale prices, historically speaking.
Another item that is often overlooked is getting the house looking as nice as possible. Take the time to declutter and make the space feel as open and airy as possible. Are the walls dinged up or perhaps painted with an outdated color? Repainting the home with a neutral color is one of the largest returns on investment for the final home sale price if you do it yourself.
See HGTVs top 15 Home Improvements you can do to improve your final sale price in Florida.
Major Real Estate Markets in Florida
Using Redfin home closing data from late 2020 to 2021, the top real estate markets in Florida based on homes sold are as follows;
- Cape Coral
- Port St Lucie
- St Petersburg
These are included just to give you an idea of where you might start to look if you’re in the early stages of exploring real estate in Florida. There are many other areas that may stand out to you such as Orlando if you have younger kids and desire to be closer to the theme parks or a home in Holiday, Fl if you wish to get bang for your buck.
Wrapping It Up
In general, we recommend that everyone take the time to research the local real estate markets, and await for favorable market conditions if you’re able before proceeding with any investment in Florida real estate.
Teaming up with experienced real estate agents to minimize the risk and find the best deals within your budget is a great way to not attack real estate on your own. Experienced real estate agents can make all the difference, as they will more likely be very familiar with local trends and markets.
Taking the time now to find that a great real estate investment in Florida, will only pay off in dividends over time.