Howard's take on the Florida real estate market right now
Hello from Howard on a beautiful, cloudless, 79f day in Florida today! Just in case you were wondering what the real estate market is doing in Florida right now?... I will tell you!
It has been difficult over the last year to predict trends on all fronts with all normality changing almost by the week. Yet, there is a light at the end of the tunnel now that trends can latch on to. This trend is evident not by optimism but hard evidence of how the property/rental markets are reacting.
RENTALS: Even over the last year, rentals and bookings have been present albeit held back somewhat by State restrictions. Florida is open for safe business and the homes are full currently with the Snowbirds. The summer cancellations from last year have mostly been re-booked for this year. My rental department has seen a huge, yes huge surge in future 2021 bookings in recent weeks!
BUYERS: Sweet and sour on this one. The sweet for buyers is that over the last year, there has been a tremendous exodus of families from the north of America relocating from less happy States!! They have been buying short term, furnished rental homes in the Orlando area which has converted them to residential live in homes. This has led to a shortage of holiday rental homes in the Disney area for the over supply of rentals. This, by virtue, leads to higher occupancy and higher income to the existing homes. Another sweet spot for the buyer is the GBP rate now at $1.41 leading to great GBP savings on a deposit with mortgage or cash!. The sour is that it's a sellers' market and homes are being sold within days. Many buyers over the last year have bought with me “blind” knowing I won’t let them buy a bad home just for the sake of a sale and are now ready for the return of a better normality. A $100,000 deposit on 27th February 2020 was GBP 77,519. Today that same deposit on the same home would be GBP 70,921 a saving of GBP 6,598!!
You’re always welcome to chat with me, Howard the Broker