South Florida’s real estate market is at its best. Many buyers are finding that the market is full of great opportunities. These 7 reasons to buy in Florida will show you the value and great investment you will be making.
Between now and April 1, 2024, the population of Florida is expected to grow by an average of 906 new residents per day, according to a news release from WFLA Channel 8 in Tampa. In fact, over the next two years, Florida’s population is expected to grow by more than 700,000 residents.
If you’re looking to relocate or retire in Florida, you may be wondering what kind of property to get. It is not an easy decision, and there’s quite a bit to look into before starting the process.
Although buying a house can be exciting, it is not easy. The cost of your home and the market for Florida housing will affect the choice you make.
These 7 reasons will help you make an informed decision about buying a house in Florida and gain a better understanding of the current trends in real estate.
Here are seven reasons to buy a new home in Florida.
1. Get A Good Florida Realtor
The first step when it comes to buying a house is to engage a Florida realtor. A great realtor will be trustworthy, have the information you need, and represent you effectively. This will make the process smooth and help you find a home that suits your lifestyle.
2. Half of Florida Cities Have Home Prices Lower Than the U.S. Median
You will find that properties in Florida are much more affordable than you would think. These lower prices are not due to a slowdown in Florida’s housing market.
According to Dr. Brad O’Connor, who is the chief economist of Florida Realtors, the largest trade association for Realtors in Florida, sales and home prices have grown faster in Florida than elsewhere in the country. Despite the increase in home prices, the cost of housing is still relatively low in many places throughout the state. O’Connor explained, that the state has been a great place to buy a house, especially if one is a retiree who wants sunshine and warmth for a really good price.
2. Growing Job Market
According to the Florida Department of Economic Opportunity, there was a 2% gain in jobs in the state since February 2017, a figure of about 167,800 jobs for a total of 8,700,000.
South Florida has a lot of economic potentials, particularly with the high emphasis on tourism from all over the globe. The job market growth is also bringing new residents to the area. If you’re commuting to work, there is plenty of highway space for everyone, and you won’t be stuck sitting on the road for hours like you would in L.A.
One of the many reasons that Florida is expected to keep growing so fast is from marketing the state as the ideal business location. The proactive, business-friendly government in Florida is an expert at attracting new high-wage jobs for workers who can compete on a global scale.
According to Florida Realtors, the rental market in Florida will see the demand for affordable housing continue to grow as remote work influences where people can live. That may be one reason why the job market in Florida grew by over 2.7% last year alone.
3. Tropical Climate
South Florida is known for having one of America’s best climates. The humidity can make it very hot here due to the tropical climate. However, this humidity has a tremendous effect on hair and skin. It works a little like an anti-aging natural potion. Say goodbye to wrinkles. It’s almost perfect all year for outdoor activities. Clear skies, sun, and surf are all attractive.
Having the only tropical climate in the United States, South Florida is a popular place to live and a popular vacation destination.
4. Robust Culture
Florida is well-known worldwide for its lively culture. South Florida is known for its vibrant nightlife and diverse daytime culture. You will find beaches all along the coast, as well as numerous clubs and theme parks scattered throughout the region. There is also a lot more history, culture, cuisine, and art to discover in South Florida.
5. No Income Tax
Florida is well-known for not having a state income tax. Residents must, however, comply with federal income tax laws. This means you can keep a greater portion of your wages and don’t need to worry about keeping track throughout the year for state tax season.
6. Strong Local Investments
In South Florida, you will find many local ventures and businesses to invest in, as the area is very popular with tourists and locals. You might also consider purchasing another Florida house. Real estate in Florida is highly sought-after. If you do your research well and get a professional to guide you, the return on your investment in Florida will skyrocket.
Your realtor will also want to understand your prioritized list. Understanding which features means the most will help eliminate houses that won’t work for you and compare the homes that will.
7. Iconic Beaches
It is difficult to talk about Florida and not dedicate a whole section of the article specifically to its beaches. The entire Florida coast is lined with iconic white sand beaches, but none of them are as spectacular as the ones in the south. If you have seen photos of white beaches, It’s most likely a photo that was taken in South Florida.
It’s true that Florida has one of the hottest real estate markets in the country and for good reason. The state is bordered by the Gulf of Mexico, the Atlantic Ocean, Alabama, and Georgia.
South Florida can seem like a costly area to buy for new homeowners or investors in second properties. However, if you do a little more research, you’ll discover that there are many properties in this lovely climate. They are also close to all the exciting things in the area. It is the right time to move to South Florida.