For those interested in buying properties in Florida, the new year appears to be promising. Several investors entered the state's residential real estate market years ago during the recession that began in 2008, but, now, price increases are beginning to slow down. As a result, investors are expected to soon begin selling off the homes they purchased in bulk during this period.
The average value of investment properties in Florida has risen by more than 20 percent since early 2012. Now, with prices stabilizing, institutional investors are expected to start marketing the dozens or even hundreds of homes they snatched up during the economic slowdown. While this is not a statewide expectation, it does seem to be occurring in multiple areas.
It is also worth noting, however, that certain parts of Florida are witnessing an appreciation in home prices. These include Port St. Lucie and the area of Naples-Immokalee-Marco Island. Median prices of homes sold in these two areas increased by nearly 60 percent and nearly 40 percent, respectively, during the most recent three-year-period. This data favors those who are interested in selling property in these markets.
The Florida residential real estate market offers a wide range of opportunities for buyers to claim their dream homes and sellers to make profits. However, navigating a real estate transaction can sometimes be confusing, and one error may cause a deal to collapse. An applied understanding of state laws related to real estate may help a person to avoid costly mistakes and successfully complete his or her deal in Florida.
Source: Chicago Tribune, "Florida housing trends may be an early-market barometer", Mary Umberger, Dec. 22, 2014