Insiders in the real estate market in Florida expect that 2016 will be an extremely strong year for the southern portion of the state. This is in spite of slowing sales as well as price gains in Florida's condo market. This information regarding the Sunshine State's residential real estate market was recently released based on a survey in which contractors, lenders, investors and Realtors participated.
It is anticipated that the year 2016 will look similar to 2015. Some people wonder whether Florida is currently in a housing bubble that will eventually burst, which is what happened during the Great Recession of 2008. However, the market indicates otherwise.
More than 40 percent of the respondents said that 2016 would be a little better than this past year, while nearly 40 percent said they thought the new year would bring no change market-wise. Just 13 percent of respondents said they expected 2016 to be a little worse than 2015. One reason growth will likely not pick up dramatically is because struggling economies in other parts of the world, such as Europe and Latin America, are holding back foreign investment, which has fueled real estate in South Florida since this past recession, especially the market for new condos--a huge economic driver locally.
Single-family houses still continue to sell at a record pace due to tight inventory. The Florida residential real estate market's current conditions are perfect for individuals who wish to sell their homes or those who want to buy in prime areas. Appropriate legal guidance may help people to successfully navigate residential real estate deals in a manner that helps them to ultimately accomplish their objectives.
Source: Miami Herald, "Survey: 2016 won???t turn real estate market upside down in South Florida", Nicholas Nehamas, Jan. 6, 2016