Investing in real estate market can deliver interesting yield, but also having a risk. When analyzing the next spot to look for an investment property, it’s important to consider economic trends, like business growth, new building permits and GDP and so on.
Real Estate investment in Florida remains always attractive for foreign real estate investors. Florida continued its positive trend in the second half of 2017 with more closed sale. Florida’s economy and jobs vision continued to improve in following year. State officials believe that among all states, Florida had the third-fastest annual private-sector job growth rate. Meanwhile, Florida’s unemployment rate was 4.1 percent in June, better than the USA unemployment rate of 4.4 percent. Based on the Bureau of Labor Statistics, indicating that Florida is more than a destination state, these positive economic factors move Florida’s real estate market forward.
The overall cost of Real Estate investment in Florida especially South Florida continues to grow, according to surveys, reflecting sales prices in the first half of 2017. But prices change considerably by area. Condos, single-family homes costing more than $1 million have seen an increase in supply. This rise in supply and slowing sales allow prospective homeowners enough time to find the property they are searching for, as well as number of options in the neighborhood.
In contrast, lower-priced properties in the Miami-Dade market are showing similar trends of increased supply and lower rates of purchase, but have less supply in general. The supply for single-family homes is around six months and supply for condos is approximately 14 months.
The Broward housing market shows an opposite trend, as housing supply is slightly decreasing and the trend of sales has increased in the last few years.
To sum up, the current trends of condo and housing are showing general trends that favor those interested in buying a property in Florida. Supply is increasing, notably among higher-priced homes, and average prices are falling. Lower-priced properties bear the same effects, although less supply means it may be tougher to find the right house or price that you are looking for.
As an investor who look for buying a property in Florida you may ask, what’s happening in Florida’s housing market? Real estate is a vital part of the economy in the Sunshine State. You can trace these index before making an investment decision using forecast models. You can track relevant market data as it relates to an investment value. Real estate investors and developers use forecast models to decide what markets to focus on. They can also be used to track future markets, so you can get an idea on the next attractive real estate market!