As billionaires launch themselves into space and back, are the real estate prices doing the same?
For those of you who missed it, Jeff Bezos, founder of Amazon, launched himself and three others into space and back yesterday. It got me thinking about the real estate market in Florida and where it is going, where it has been and what does the future hold?
Those of us on the ground here in Florida have had a busy time of late. The real estate market just erupted in and around February this year and has continued on a fast paced increase incline until about a couple of weeks ago when we have now finally started to see a slowing down happening. Many buyers have stayed in touch with Howard, Ben and I and ask the valid question about whether now is still a good time to buy a home in Florida? The straight answer is yes but for many different reasons than once might have been.
Within this last pandemic year, many Americans from other states have purchased a lot of the well priced, fully furnished vacation rental homes in the central Florida area. To out of state buyers, the homes here are very cheap and you get a lot for your money. As a result, the number of vacation homes in central Florida has diminished being sold to these residents.
The price of a property here has risen with the demand but third party appraisals are doing their job and enforcing uniformity and restricting the pull of prices going up. There has been a slew of cash buyers of late but we can see that this is starting to subside and mortgage rates are starting to creep up again and so taking another section of buyers out of the market. The market is starting to stabilise again.
There are still high priced properties on the market as some sellers take advantage of the recent demand but Howard and Ben will advise and guide you on these properties and assist with the ones that are well priced and sensible to go for. For example, we helped a lady based in the UK this last week buy a home in Solterra, Davenport for $30,000 less than market price and this was through Howard and Ben's careful selection and guidance on which homes to select. So there are still "bargains" to get in Florida, you just need to make sure you have the right team like Homes of America Realty helping you!
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