A Quick Guide to Buying Property in Florida
Gilded by hundreds of miles of beaches, flanked by the Atlantic Ocean and the Gulf of Mexico, home to Miami and Orlando and the third most populous state in the US, Florida is a hotspot for real estate investment.
If you are looking to purchase property in Florida, this quick guide will provide an overview of the prices that you can expect, the state of Florida’s economy, how to source financial backing in the area and what the future might hold.
Real Estate Prices
Most home prices in Florida fall between $131,000 and $262,000, with a median price of around $245,000. With over seven million homes and apartments to choose from, it truly is a melting pot for investors.
For those looking for areas rising in prominence, since 2000 the top three highest appreciating cities are Bal Harbour, El Portal and Biscayne Park. Rising house prices in these areas are already underway, so investing quickly is advised.
Florida’s Economy
Florida posts fantastic statistics against the rest of the United States in a number of areas, but particularly in job creation. There is a declining probability of recession, a declining unemployment rate and improving consumer sentiment in the area. All of these stats make sunny viewing for those looking to invest in real estate in the state.
It is the fourth-largest economy in the USA, and, in terms of Purchasing Power Parity, it is greater than all but the top 24 countries in the entire world. This economic power stems from real estate, agriculture and mining, but primarily from tourism.
Tourist Areas
Beach towns and the amusement parks surrounding Greater Orlando are the hottest tourist areas of Florida. This makes real estate in these areas hot property, as high rents can be charged and properties let as holiday homes during peak season.
Money Lenders
Anybody looking to invest in the real estate of Florida will need some financial clout to help them out. If loans are needed, then fantastic private lenders in the state should be sought out and contacted for free. These lenders will tailor their service to your needs and ensure the loan will be right for your ambitions of success in this stunning state.
Estate Market 2020
Many people want to move to the Sunshine State, with migration to the area expected to increase towards the end of 2020. Due to demand outstripping supply, prices are rising, making it an even more exclusive area than before.
Future
It is not difficult to understand why Florida is such an attractive state for investors. It is a big state, taxes and mortgage rates are relatively low and the economic diversity of the area is high.
As winter rolls in, so demand for a home in the sun increases. Moving into 2021, the number of investors looking at Florida will rise while tourism will boom once again next summer. Florida continues to smash its own record for the number of visitors, but whether the ongoing pandemic will affect that in the years to come remains to be seen.