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Will Florida Sustain Their 80% Increase In Home Value Over The Past 5 Years?
As a multi-state MLO based in Utah, I am always looking for indicators in other states to predict what may be around the corner and what states I should focus my ad dollars in. Florida has been a great revenue generator for me over the past three years. I feel Florida will be a great place to stay focused in the next five years. That is why I hired my first MLO to the F1 Mortgage Team in Florida. FOMO (Fear of Losing Out) seems to be motivating out-of-state buyers to take a hard look at income properties in the state as well as people moving from other states to get in on the relative “good deals” in Florida as new residents of the Sunshine state. Employment opportunities in the state and work-from-home scenarios are making Florida very attractive to people who would never have looked at the state as a possible home 10 years ago.
If you are an MLO looking for new ground, I would suggest Florida. The state of Florida is massive and can benefit from quality MLOs looking to plant their MLO flag in the state. If you speak Spanish, the further South you prospect, the better.
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The Florida Housing Market is forecasted to crash in the near short term. Home prices have skyrocketed in Florida year after year without a housing correction. The Florida housing market has been experiencing significant changes and challenges in recent times. Here’s an overview of the current forecast for the Florida housing market:
- Cooling demand: After a period of strong buyer demand and rapidly rising prices, the Florida housing market is expected to see a slowdown in 2023. Higher mortgage rates and affordability issues are contributing to this cooling demand.
- Price moderation: Home prices in Florida are forecasted to moderate or even decline slightly in some areas, as the market adjusts to higher borrowing costs and reduced buyer frenzy. However, significant price drops are not widely anticipated.
- Inventory increases: The number of homes for sale is expected to increase as more sellers list their properties to take advantage of the previous price gains. This could provide more options for buyers who have been facing a tight inventory situation.
- Shift towards a balanced market: After years of heavily favoring sellers, the Florida housing market is transitioning towards a more balanced state, with more negotiating power for buyers compared to the recent past.
- Rental market strength: The rental market in Florida is projected to remain robust, driven by population growth, job opportunities, and the potential shift of some prospective buyers postponing purchases due to higher mortgage rates.
- Regional variations: Market conditions may vary across different regions of Florida, with some areas experiencing greater price moderation or inventory increases than others, depending on local supply and demand dynamics.
- Impact of macroeconomic factors: The overall performance of the Florida housing market will be influenced by factors such as inflation rates, job growth, and consumer confidence, which can affect both buyer demand and seller behavior.
It’s important to note that housing market forecasts can be influenced by various factors and may change over time. Working with local real estate professionals and staying informed about market trends can help buyers and sellers make informed decisions in the Florida housing market.