Are you planning to move to Sarasota, Florida, but you don’t have any idea what the current market value there is or how much you can spend? Many people find investing in real estate in Florida overwhelming whether it’s their first time or not. Buying a house can be exciting and nerve-racking, not to mention it can take some time to process.
The more you learn about investing in real estate, the easier it is to narrow down your choices. To help you make that informed and sound decision before buying a property in Florida, here are important things you should know.
7 intriguing facts about the Florida real estate market
People are increasingly interested in relocating to Florida for its beautiful beaches and sunny weather, as well as its flourishing real estate market. Due to the market’s diversity, there are some assumptions made about it, but what does the real estate market in the Sunshine State really look like?
Here are seven interesting things that will provide you with a better understanding of the current market condition in Florida.
Median home value
A median home in Florida costs $238,600. This amount levels out the expensive areas and poverty-stricken areas scattered across the state. Some beach resort areas like Miami Beach have an average of millions for a median home price.
Increasing home values over the past year
Florida’s average median home value has risen over the last year, increasing by an astounding 4.1%.
Average median home values in Florida are expected to rise by another 3.6% over the next year. This is fantastic news for anyone interested in investing in real estate in the Sunshine State.
Average days on the market
The national average that a home is listed for sale on the market is 65 to 93 days; how long it takes before a home gets purchased also varies from state to state. In Florida, a home is listed for sale for an average of 83 days before being purchased.
Negative equity refers to a loan worth more than the property on which it is secured. Long loan terms, inflated interest rates, or getting a bad deal can all be key to negative equity. Compared to the national average of 8.2%, only 7% of homes have negative equity in Florida.
Homeownership vs. renting
Only 65.5% of Florida’s residents are homeowners—the lowest percentage since 1990. Newer generations are showing a distinct preference for renting rather than purchasing.
Low cost of living
One of the great marks in Florida is the lower cost of living here; it is 2% lower than the national average. Florida is also one of the few states that do not have a personal income tax.
6 tips before buying real estate in Florida
Search for the right property
Whether you intend to build your own home or buy one that’s already built, you need to factor in the accessibility of certain facilities, i.e., if there’s a nearby school if you have children or a hospital in case of a health emergency. You can search the internet to help you find the best spot to construct or purchase a house in Florida.
Find a real estate agent
When you have a list of three to five real estate agents, make a timetable to meet with them to check whether they’re a solid match. Ask them questions related to the neighborhood you’re checking out (schools, patterns in property estimations, any arranged developments).
Check the market conditions in Florida
The real estate market in Florida has been on the ascent. Purchasing a house at the right cost is vital to remaining above water. It is essential to analyze the market conditions in the state before purchasing a property. The main consistency is change, which is particularly obvious in the land around the United States.
Buying a low-grade house implies you might experience difficulty selling it for your benefit. A home inspection is critical to ensuring there are no issues that could make it dangerous for your life.
Secure a homeowner’s insurance
Floods and typhoons are normal in this state, and the most effective ways to get ready for these forces of nature are to purchase a home built to endure these threats and place it under a property holder’s insurance.
Renovate or build a new one: you decide
If you find a house you like, but you find that there are things that need to be renovated in it, consider whether you can afford the renovation costs before moving in.
There’s the second option of having a new property built instead. Renovations inevitably incur costs over time, so it’s up to you to choose whether to spend your money on renovating a property or building a new one altogether.
Purchasing real estate in Florida can be a tough challenge, but as long as you know the facts about the Florida real estate market and understand the things you need to know before buying property in Florida, you’ll find the process less frustrating and more exciting.
The Vision Group can help make things a lot easier and more straightforward for you. If you’d like us to assist you in finding the most suitable property for you, call us at 941-357-4040 or visit our website at https://thevisiongroupllc.com/.