Should I sell my property in Florida USA?
It’s a tough question to answer, because Florida is a large state and the real estate situation in Florida varies by quite a bit from one region to another. But generally, home prices in Florida are on the ascendency, and the market has shown real signs of improvement. First, let us try to understand why Florida is such a favourite with investors.
Why Florida is such a Great Destination for Investors?
Florida has a well deserved reputation as one of the most desirable places to live in the world. Florida is a very cosmopolitan state with a huge and growing population. It is the fourth most populous state in the US. It is demographically diverse, with young first-time home buyers coexisting with older buyers looking for a retirement home.
Florida has witnessed one of the fastest growths in property prices in the country. It is one of the most beautiful places in the world with a terrific weather, vast beaches and as well as a host of attractions such as the world’s biggest theme park, the Disney World, Universal Studios, Sea World, Busch Gardens, Everglades and more. Every year, millions of tourists from all over the world flock to Florida.
Investors are also attracted by lower taxes and the business friendly state administration. Most rich, high net worth foreign investors, from places such as China, India, Middle East, Russia and so on, look to get a foothold in the United States, which is the world’s richest country, and Florida is perhaps the most attractive destination in the country. That’s why there will always be a demand for Florida properties for sale from foreign investors.
2015 – The Story So Far….
2015 has been a mixed year for Florida real estate. While property prices have risen in 2015, the percentage of cash sales has been on the decline. It is as though investors are holding back on their purchases as they realize that it is hard to make sizeable profits on property investments in Florida when prices are so high.
Home financing is actually easier to get in Florida than ever before, which has led to an increase in interest for properties at the lower end of the market, targeted at first time buyers. But the interest in luxury properties has declined somewhat.
What has changed is that people are not speculating so much in real estate as they used to in the past. The days of house flipping – which was a popular practice in Florida during the boom times of 2006-07, are well behind us. A measure of sanity has been introduced in the property market in Florida in 2015, so it’s not a bad thing at all.
What Should You Expect in 2016?
2016 should be a decent year for the property market in Florida. In fact, we expect more of the same. Prices should stabilize further. A survey of the top real estate experts in the United States by the Urban Land Institute Centre suggests that forecasts in Florida as well as in the rest of the United States look good, at least till 2017.
According to William Maher of the Urban Land Institute Centre, "The latest Consensus Forecast has picked up on recent growth concerns and stock market corrections around the world. The US economy and real estate markets are in much better shape than most other countries, but global economies and capital markets are increasingly interrelated.
“Still, the vast majority of indicators in the forecast indicate favourable economic and capital markets in the US, as well as moderately strong real estate fundamentals and investment returns."
But what’s interesting about the real estate situation in Florida is that the demand for property in North and South Florida are on a high, while the middle has been lagging behind by a lot.
So whether you get a good price or not for your Florida house for sale depends on just where your property is located. Properties in Miami, for example, will fetch much more today than they did a year or two back.