Let’s take a look at a number of of the advantages and positive indicators for the upcoming South Florida real estate market.
Excellent deals. Statewide, property prices have dropped approaching 20 percent in the past year. The time is right. Real estate sales numbers are growing again — a sign that the market recovery could be underway. Conditions are ideal for buyers to discover their perfect property. The choice is abundant in all value ranges. But as sales volumes escalate, choice levels are then likely to drop. That reality has the following meaning for buyers: Do not wait very long.
Finance rates are currently at the lowest levels since the 1960s. Lower rates increase a potential buyer’s financial strength. As little as half a percent can make a significant difference. Buyers are able to obtain more real estate for the investment, and this is therefore a wonderful scenario for people seeking to upsize.
There are incentive programs from state, federal and local housing programs which may be of assistance to prospective property buyers. Chat to a local mortgage lender concerning state and federal incentive programs. Long-term economic and demographic tendencies persist in favouring Florida. During 2010, economists predicted that Florida will be the third-most-populated state in the country. Florida continues to be one of the 10-fastest-growing states in the U.S. for each of the past seven decades, and according to Cencus data, Florida has frequently been named as one of the top four. Population growth will continue to offer a basis for other economic development, including new jobs and mounting salaries. These trends are all positive indicators for real estate growth.
Over the long term, Florida stands to benefit from the migration of the aging Baby Boomer generation, approximately 80 million strong. Demographic research confirm that Florida’s mild conditions and outdoor services continue to make Florida a favorite retirement destination. Like the rest of the Country, Florida’s economy has too been impacted by the recent recession. Some business sectors, though, remain promising for the Florida economy. The healthcare and technology sectors are quickly becoming an valuable economic strength in South Florida.
Owning a house causes increased individual well-being. Study indicates that people who own their own houses have a propensity to demonstrate superior levels of individual self-esteem and life satisfaction, and this as a result helps to make homeowners and their children more productive members of society. Reports demonstrate that kids brought up in homes owned by their families are more likely to remain in education and graduate high school. They are also revealed to achieve a higher lifetime annual income. People who own homes have a strong monetary stake in what happens to their community and therefore are likely to become more interested in community and civic affairs. Research show that property owners also intermingle more within their communities.
As a final point, let’s not forget the things that brought people to Florida in the first place, and will continue to attract them — superb beaches, wonderful weather and a affable business climate, with no state income tax. It’s no wonder that Florida’s amalgamation of moderate climate, exceptional recreational amenities and trade and industry opportunity has consistently put the Sunshine State in the highest 3 of Harris Poll’s “Most Desirable Places to Live” survey.
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Realty Associates
4650 Donald Ross Road
Suite 112
Palm Beach Gardens,
Florida 33418
(561) 775-7300
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