Frankly Speaking Blog

The upside of Florida real estate: 10 market positives

October 29th, 2013 6:12 PM by Frank Ferrell

Here are some of the opportunities and positive indicators for the future of Florida's real estate market.

1. Good prices. Although the median price of existing Orlando homes sold during September rose nearly 25 percent over the same month last year, the median price of $155,475 is still considered affordable compared to other popular cities nationwide. (The median is a typical market price where half the homes sold for more, half for less.)

2. The time is right. Home sales volumes have been on the rise-- an indicator that the market recovery has been well underway.

3. Inventory levels. Conditions are still favorable for buyers to find their dream home. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: Don't wait too long.

4. Low mortgage rates. Mortgage rates (currently 3.9% for a 30-year fixed rate) are still at the lowest levels since the 1960s. Lower rates increase a buyer's financial power. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.

6. A long-term-growth state. Florida has been one of the 10-fastest-growing states in the U.S. for each of the past seven decades. Population growth will continue to provide a foundation for other economic development, such as new jobs and growing incomes.

7. A migration magnet. Even with the recent slowdown in economic growth nationally, Florida's population has returned to more normal growth levels, similar to the 1980s and '90s. 

8. A favored retirement destination. Over the long term, Florida stands to benefit from the migration of the aging Baby Boomer generation, roughly 80 million strong. Demographic studies show that the Sunshine State's mild climate and outdoor amenities continue to make Florida a favorite retirement destination.

9. A diverse economy. Florida's economy, like the rest of the nation, was impacted by the recession. However, some business sectors such as healthcare and technology (example: Orlando's Medical City) are quickly becoming an important economic force in Central Florida.

10. An unsurpassed lifestyle. Let's not forget the things that brought people to Florida in the first place, and will continue to attract them -- beautiful beaches, fabulous weather and a friendly business climate. These features have consistently put the Sunshine State in the top three of the most desirable places to live.

Courtesy of Florida Association of Realtors® and Orlando Sentinel

Posted in:General
Posted by Frank Ferrell on October 29th, 2013 6:12 PM


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