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South Florida Still a Wonderland for Out-of-State Buyers

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March 28, 2021/0 Comments/by support_8dba

While Real Estate Sales are slipping nationwide, South Florida stays strong

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Despite the COVID-19 breakout, Real Estate sales have seen a noticeable increase throughout 2020, compared to 2019. A continuously growing number of people are in the hunt for properties, especially among the younger generations. This is remarkably true in the state of Florida, which has seen record-breaking numbers in the final quarter of the year. […]

January 14, 2021/0 Comments/by support_8dba

South Florida Still a Wonderland for Out-of-State Buyers

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March 28, 2021/0 Comments/by support_8dba

While Real Estate Sales are slipping nationwide, South Florida stays strong

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January 14, 2021/0 Comments/by support_8dba

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South Florida Still a Wonderland for Out-of-State Buyers

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Ever since the early days of the Covid-19 pandemic, South Florida has lured in real estate buyers from densely populated states, such as New York and California. Florida’s lower taxes, favorable weather, and relatively low number of Coronavirus cases have made the Sunshine State a no-brainer when it comes to purchasing real estate. In 2020, these factors kept real estate sales soaring high while other markets nationwide were decreasing. But, is this still the case in Q1 of 2021? To put it short… Yes!

The MIAMI Association of Realtors together with the Multiple Listing Service (MLS) reported a double-digit increase in sales for February 2021. This would make it the sixth consecutive month where sales increase reach double-digit levels. The median list price of properties also saw a 4.9% YoY increase in February 2021, sitting at $398.000.

While the real estate market in cities like Manhattan and San Francisco are still struggling to get back on their feet, predictions for the Florida market forecast non-stopping growth for the foreseeable future.

The question is, why are Florida’s housing sales still booming in 2021? Here are a few important factors:

Friendly tax environment: Florida is one of the 7 states in the US without personal income tax or property tax. Over the years, the Sunshine State has ranked as the 2nd best state for business, the 3rd state with the best corporate tax environment, the 4th lowest private-sector unionization rate, and has permanently been among the top five states with the best business tax climate.
Highly Attractive Location: South Florida is known for its beautiful views and year-long favorable weather. The climate in the Sunshine state averages around 81 degrees in the summer and 60 degrees in the winter. Its wonderful beaches and various touristic locations make Florida a highly desirable place to live.
Strong Real Estate Market: Over the past year, Florida’s median home values increased by almost 8%, and median sales prices for single-family homes have seen YoY growth for 110 consecutive months. And also considering the fact that the dollar volume of single-family homes rose almost 23% in 2020, reaching $125 Billion.

Add all of this to less strict masking requirements, a low number of Covid-19 cases (compared to other US locations), a strong renters market, and an overall better quality of life, and it’s easy to see why out-of-state buyers are going out of their way to get a piece of Florida’s real estate.

We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone at (844) 321-6168 or by email at titleinfo@titlepartnersfl.com.

March 28, 2021/0 Comments/by support_8dba

While Real Estate Sales are slipping nationwide, South Florida stays strong

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The National Association of Realtors stated that pending home sales fell in October 2020, in their recent Pending Home Sales Index. This index forecasts home sales using the number of contract signings as a basis. The report showcased that contract signings fell 1.1% (to 128.9) in October, which would be the second continuous month that reported a decline in the index.

Sharing his insight, Lawrence Yun, chief economist for The National Association of Realtors said, “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October. The housing market is still hot, but we may be starting to see rising home prices hurting affordability.”

Yun also mentioned that the inventory of homes for sale, along with mortgage rates are at all-time lows.

“The combination of these factors – scarce housing and low rates – plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.”

However, while nationwide real estate sales are beginning to slip, Florida reports a non-stopping growth in residential real estate sales. Ever since August, Florida-based realtors have observed an outstanding increase of signed contracts, especially in South Florida.

The increase in sales is most remarkable in Broward County, where the number of newly signed contracts for condos rose 85.9% in October 2020 compared to October 2019. This report was based on the number of contracts on condos and houses listed on the Multiple Listing Service.

People from different states within the US represent a great number of recent Florida homebuyers, mainly coming from Boston, California, and New York. International buyers are also in search of properties, most coming from Canada and Mexico.

A few factors contributing to this recent surge in home sales in Florida are:

Work From Home Capabilities: With more companies and jobs enabling their workers to work from home due to the Coronavirus, people are able to move to Florida while keeping their salaries from their respective states. And since California and New York salaries, for example, are usually greater than Florida salaries, moving to the Sunshine State becomes an interesting option to consider for many people.
Desirable Location: Warm weather and beaches make Florida attractive for potential homebuyers
No State Income Taxes: Florida is one of the 7 states in the US that does not impose an income tax, making it a major advantage for many – especially to those in high-income households.

Real Estate sales seem to be reaching a peak nationwide. In great part due to the increase in housing prices, as a consequence of low housing inventory. However, Florida sales continue to skyrocket and show no sign of slowing down.

January 14, 2021/0 Comments/by support_8dba

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South Florida Still a Wonderland for Out-of-State Buyers

While Real Estate Sales are slipping nationwide, South Florida stays strong

South Florida Still a Wonderland for Out-of-State Buyers

While Real Estate Sales are slipping nationwide, South Florida stays strong

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South Florida Still a Wonderland for Out-of-State Buyers

While Real Estate Sales are slipping nationwide, South Florida stays strong

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