Florida is seeing a huge influx of new house buyers — South Florida especially.
This influx has created such a seller’s market that many sellers are getting top dollar for their home. Some homes are selling for $100,000 over their list price or more!
People from the Northeast and Midwest are trying to find new homes in South Florida, though it’s not always easy. Many of these prospective buyers actually grew up in Florida and are simply tired of the cold weather, high taxes, and COVID restrictions.
Understandably, these buyers are simply elated at the idea of moving back. Who wouldn’t want to swap out the 20-degree weather for balmy 70’s?
And while Florida may not have had the job opportunities of, say, New York or Massachusetts in the past, that’s also changing. South Florida’s tech and cybersecurity scene is booming, especially in Miami Dae and Broward Counties. Florida workers have the added benefit of no state income tax — Northeastern workers deal with taxes in excess of six percent.
How many tenants are moving to Florida?
How many people are migrating down to the balmy weather and booming economy of Florida? Some sources say 1,000 people per day. Competition is hot, and buyers that want to get their new homes usually have to close deals same day.
All this action means that realtors are busier than ever before. Many of them have described the real estate market as “crazy.” One realtor described showing a house 80 times on its first day on the market. Of the 80 showings, there were six offers, and of the six offers, five were over the house’s asking price! It’s a textbook case of supply and demand.
What buyers are looking for is changing, too. Families that used to look for four-bedroom homes are now shooting for 5 bedrooms-plus — the extra room is for an office space, now that everyone has realized they can work from home.
The families that succeed at finding their dream home usually do so thanks to their consistency. One family put in 3 offers on different houses before they finally got one. Each offer was above the house’s asking price.
These market trends are expected to continue well into the future — probably for as long as the socio-economic impacts of COVID affect Northeasterners. Many migrating families hope to find new homes before school starts back up again in August, so expect things to be extra competitive until then.
How to Get Started
Whether you buying, selling, or just investing, Icon Property Management is here to help. We offer extensive experience navigating the Florida market, so we can help you come out on top!
Schedule a free consultation today by clicking here or calling (321) 297-8960. We’d love to help in any way we can!
To your peace of mind,
Icon Property Management