Florida is a great place for a living if you love the climate. It’s hard not to like it, after all, we’re all sick of the long and never-ending winters up north. But, let’s be honest, FL is not only Miami as the TV would like you to believe. No, this is not a bad thing. In fact, it is a positive one. Miami is overcrowded, there are people from all over the place, and in all honesty, we see it as an overrated destination. Luckily, Florida has so much to offer in other locations.
As we said, it was always a popular destination, but in recent years it gained even more popularity. Due to the COVID-19 pandemic, many people flocked down to this southern state. It is no wonder things are like this as the climate offered some relief for many people who tried to escape from the pandemic. It has become a resort for many celebrities. But, you don’t have to be an NBA star or a Hollywood actor to settle down in the FL. No, anyone can come if you can afford it. Real estate is on the rise once again.
It’s how things are, and if you want to have Jennifer Lopez as your neighbor it won’t be cheap. But, maybe it is better not to have any celebs nearby due to all the commotion from the reporters and paparazzi. Florida is slowly becoming much like California if it wasn’t before. There are a lot of good places to settle and live a good life in the south of the United States. In recent times many people are looking for a place near a beach or in a resort of sorts.
This is why you should check up if you’re looking to move there, for the hidden dunes condos for sale Destin Fl. It could be a great option for everyone who is looking to move to The Sunshine State. We, for one, condone the idea of becoming a resident of this premium state. But, the moment you mention relocating, and getting real estate in a different state, the matter of price and investment arises. So, let’s see how the climate in Florida is regarding this matter.
Real Estate Investing in Florida
Let’s get straight to the point. Investing in real estate in Florida is a wise move, especially at this time. There’s only one problem – supply and demand. The demand for real estate in FL is over the charts. People are looking to buy houses and condos all over the place, and the boom is evident. The issue is of course the supply. There’s no major project in sight that could satisfy the cravings of investors at this moment. While the trend of moving south became the story in the news in recent times, it was evident for a while that FL is a destination many want for their next housing project.
While the coronavirus pandemic did its bidding in making Florida so popular, it was during the last decade that this state started receiving new residents every year. The steady growth is evident since the early 2010s. In the last decade, almost 3 million people moved to The Sunshine State. As you could guess this has affected the price of houses and apartments.
Considering that the demand is exceeding supply by a wide margin no one is selling at a discount. You could only hope for a fair deal, but the matter of the fact is that you’d have to overpay at this moment. The average price of a home in FL is close to $330 thousand.
This is a staggering price, to begin with. But what makes it even worse is the rise in cost it received in only one year. When we compare 2020 and 2023 the prices soared by 23.9%. this is crazy when you think about it.
What The Future Holds?
The experts are scratching their heads on this one. One thing is sure, the price is going to be even bigger in the future. 2023 is the year when another boom is expected for the real estate market in Florida. The thing is that no one can predict a steady growth. With the market being as it is, you’d be smart to invest right away and reap the benefits in the future. But, if you fail to invest rapidly, you could find yourself owning a property down there but in a few years without any real resale value. While the price is going up it is all due to the lack of supply. The demand is going to push the market into building and developing, and in no time the market will be saturated.
The bottom line is that if you’re eager to move down to the land of the alligators you should do it straight away. With the current prices, you do not have the luxury of wasting any time. No, the right investing moment is now, while the year is still young. It’s only March and when the summer comes around the corner, more and more people will flock to The Sunshine State. At the moment, investing in Florida is a race. If you’re not quick enough, you could miss an amazing opportunity.
The population in Florida is growing as we speak. With more people, the place is not only going to get crowded, but the price will also rise once again. The boom is not expected to end anytime soon.
The primary reason is that the real estate business is flourishing once again all across the states. The country is slowly starting to recuperate from the coronavirus pandemic, and in no time FL is going to be the place to be. The reason is of course that there’s no income or estate tax in addition to a favorable climate. For ages, Florida was the place to retire, and this won’t change anytime soon. So, if you want a new home, make sure you explore the market in FL. You won’t regret that investment.