Now is the right time for people to invest in Southeast Florida’s Real Estate Market. People thinking to purchase a home in Florida will be glad to know that the future of the real estate market in the year 2015 looks brighter than ever.
Investors and homeowners should give investing in Florida’s housing market some serious thought, not just because of the upturn of the market, but because of the state itself. Following reasons will shed light on the positive points of Southeast Florida’s real estate market:
Florida has bounced back in the rankings of the most populated state in the United States, coming at number three. Every day, 800 people move across the country to come to reside in Florida.
From an economic point of view, Florida’s economy in comparison to other states is doing quite well, especially in terms of the employment opportunities it offers to people. Florida, which came second to Texas in the growth of economy, saw an increase of 3.4 percent.
Counting Southeast Florida’s employment market, the state has exhibited an increasingly high growth of employment opportunities in every region. In fact, out of the ten largest states, Florida comes at the top as the fastest growing labor state in the United States.
Looking back at 2014, the state’s unemployment rate had increased to 5.8 percent, but since then, things have been progressing for it. Presently, 58 percent jobs have been made available.
The housing market of the state is seeing better days than it did in 2014. A house stays on the market for five to six months, which according to investment, is referred to as a balanced market. However, since the prices of property have decreased, rents have increased. Therefore, it is recommended to rent properties with the contract of purchasing them later.
Florida has always been a favorable place for people to come after retirement. With the population of people travelling to the Sunshine State to reside in, it is forecasted that eighty million of those will be from the Baby Boomer generation. Perhaps, the vast number of retirees prefer to reside in Florida is due to its climate and several outdoor facilities.
Even though the state was hit hard by the recession, it is bouncing back, which we can see from the number of jobs that have opened up there. The several business and healthcare sectors have also helped boost Florida’s economy. In the list generated by the Best Performing Cities Index 2014, Florida ranked in the top 20.
You cannot overlook the most important aspect that attracts people to Florida—it’s beauty, magnificent beaches, and gorgeous weather. Most importantly, residents of Florida do not have to pay a state income tax. Moreover, Florida offers its residents with several economic opportunities, making it an overall good place to live.
People that want to invest in the housing market of Florida should immediately do so, as the prices of homes on sale are low. They will be able to buy and rent a home to a prospective tenant.
Are you looking to settle in Southeast Florida? If you are, then you should pack your bags and move as soon as possible. The state has some good points that people should take into consideration if they are planning to move to another state.
What is your take on Florida’s housing market? Let us know!