Florida’s real estate boom has been, well, booming for well over a year now.
And while it shows no signs of slowing down, it does seem to be normalizing. You might say the state has entered a new normal when it comes to real estate — a market with high demand, low supply, and plenty of motivated buyers.
Slowly but surely, more affordable homes are making their way back into the housing market.
Most of these homes are between 750 and 1,750 sq. feet and they’re decidedly within reach of the average homebuyer. Data from Realtor.com shows that these homes now make up 34.9% of the entire market. While Florida’s boom hasn’t slowed down, it has shifted that little bit closer towards what most people can afford. First-time buyers can have hope again!
What Florida buyers want
And these buyers have questions. Do they require a house with a yard? Does the yard have to be private or fenced in? What about the schools in that area? What about the distant or not-so-distant future: Are prospective buyers awaiting Lake Nona’s futuristic, autonomous shuttles or do they want to retreat into the more timeless natural beauty of Lake County?
The data shows that new buyers aren’t discriminating too much, however. Nor are they closed off to the possibility of building their own places. A recent data analysis by Growthspotter shows that single-family home building permits are at a record high.
The data also shows that buyers with extra cash — enough cash to make a big down payment — are getting a leg up. Desperate to keep average homes within the reach of average earners, some lawmakers are trying to pass legislation that would help nurses, police officers, and firefighters buy or rent homes. Only time will tell if this legislation holds up to its detractors. In the meantime, rent in the Tampa Bay area is still 21.7% higher than last year.
The federal eviction moratorium’s end is only adding more fuel to this fiery legal debate. As the moratorium ends, more than 144,000 Floridians who’ve been struggling to pay rent on time could be out of a place to call home. Zillow forecasts that roughly 60% of these renters will be evicted once the time comes.
While eviction isn’t something that anyone wants to see happen, one can also look on the brightside: evictions will clear the way for eager new renters who can afford to rent these currently-owned homes.
Need help with property management?
To investors who want to make the most of Florida’s real estate boom, we’ve got some advice. Lock down your small rental properties while you still can! The homes that are available now won’t be around forever.
Another word of wisdom: Join forces with an affordable property manager who can help you manage your new acquisitions. At Icon Property Management we specialize in helping property owners like you find tenants that will treat your property well and pay rent on time — not tenants that might face future eviction.
Schedule a free consultation today by contacting Icon online or calling (321) 297-8960. We look forward to seeing how we can make your life as an investment property owner easier!
To smooth sailing for all your rental properties, current and future,
Icon Property Management
