Florida is one of the sunniest states in the USA. They don’t call in the Sunshine State for no reason. If you are planning to move here you are in for a treat. Florida offers great weather, great housing and many interesting cultural contents. So, first of all, you should start thinking about hiring your perfect and reliable movers. You can find your movers at movingkings.com, and you can be sure that they will perform their relocation job perfectly. The next important thing to think about is finding your perfect home. If you are a potential buyer you are probably curious about the Florida real estate predictions. We will try to help you get an insight into real estate trends in Florida.
What are the current Florida real estate predictions?
You should know that there are positive predictions when it comes to 2019 Florida housing market. Things are heating up fast, and you will want your piece of the cake. Popularity of Florida housing is not decreasing even though housing prices have increased in the previous year. As Zillow states, there was an increase in 9,6% in the previous year. The average housing price right now is $223,200. Moreover, Zillow predicts that the prices will increase for additional 6,1% in the following year. So, if you are moving your home to Florida, and planning to buy a house, you should move quickly. Homes are selling faster than ever right now.
What is the situation in the Florida real estate market?
Florida real estate market is healthy and booming. It got the average score of 9 out of 10 when it comes to market health and development. There are some homes with negative equity of course. However, with the amount of 9,8%, that is still below the national average. In addition, the mortgage delinquency rate in Florida is 1,9%. As we already mentioned, there is a strong demand for buying houses in Florida.
- The sale of single-family homes has increased by $0.8. That is compared to this time in the previous year of 2017. However, you should know that the median sales price of a single-family home has increased for 6,7%.
- Condos are getting 97.5% of the listing price.
Florida real estate predictions are that housing prices will rise
So, let us first compare real estate statistics in the first quarter of 2017 and the first quarter of 2018.
- The median sale price in 2017 was $226,000 In 2018 we have an increase of 9,7% and the prices in the first quarter of the year were $248,000.
- The average sale prices saw the increase of 9,2%. In 2017 the average sale price was $311,062, unlike the first quarter of 2018 when it was $339,765.
- The houses are selling more quickly. In 2017 median time to sale was 96 days. However, in 2018 it has dropped to 88 days.
Rise of sale prices and new homeowners
According to the Florida real estate predictions the sale prices of houses in Florida are going to continue to rise. There is a great demand, so the prices can only get higher. This is also happening because there is a rise in active listings. Sales volumes are going to stay healthy according to the predictions. If you are a looking to buy a home in Florida for the first time, this is not a good news for you. First homeowners are going to be disappointed. The price range might be a little higher than they expected. Actually average sales prices of homes in Florida have been steadily increasing since 2014. In 2014 the average home price was way below $300,000. However in 2017 we can see that it went well over $300,000.
Is it a good idea to buy a house in Florida in the next five years?
So, now you are probably wondering if it is a good idea to buy a house in Florida in the next five years. Let us check out the Florida real estate history first. That should help us answer this question. The Florida housing market in 2017 has these characteristics:
- There was a lack of new constructing. The construction boom stopped.
- There was a price reduction, but on condos.
- A decrease in South American buyers was noticed.
- The prices of condos and houses were somewhat softened.
- Taxation rates were low.
Prices are going to increase
Statistics and Florida real estate predictions say that the prices of houses are going to increase in the next five years. There is going to be a natural increase in oil and gasoline prices. Moreover, housing prices are also going to rise. This trend is predicted to continue for at least five more years. The most popular places to buy a house in Florida will probably continue to be:
- Miami
- Orlando
- Tampa
- Sarasota
- Panama City
- Fort Lauderdale
- Naples
- Boca Raton – this is a new and interesting popular location
The interest in investing in real estate in Florida is still very strong and persistent. If we take into consideration the aging population, taxation system and its strong economy, we predict that prices are going to continue to rise. In addition, cities in Florida are considered to be among the best cities in the USA.
Things to consider if you want to buy a house in Florida
- Check the prices and figure out if you can actually pay for a life in a certain neighborhood.
- Check which cities are pleasant and safe to live in.
- Consider that the weather is quite humid and hot in the summer.
- Is it convenient to live here considering your job? Consider commuting time.
- Think about how high your mortgage payment will be, and if you should have the mortgage dread. Focus on the next 10 years.
- Check if there is need for your line of work or profession in the area where you want to live. Finding a job is extremely important.
