Much like the weather in Florida, the real estate market is projected to stay hot in 2019. With ample inventory, affordable prices, and the appeal of a premier vacation destination, it makes sense that many people are looking to purchase a home in sunny Florida right now. As other markets slow down and mortgage rates creep up, many areas of Florida will continue to see increased sales and home prices. Cities such as Miami, Orlando, Boca Raton, and Panama City currently offer snowbirds and other buyers the opportunity to make a smart investment.
According to multiple sources, Sarasota is among the most steady real estate markets in Florida. It has remained a fairly active market for more than five years, and according to experts, it will continue to grow for years to come. Buyers in Sarasota can expect to see inventory rising, and sellers can look forward to home prices increasing up to another 5% this year. Another red-hot market is a little further north in Tampa. With more tech companies moving in all the time and a growing appeal to millennials, this city has one of the highest numbers of people looking to relocate from other states.
In this changing market, one thing that buyers everywhere should be aware of is impending increases to mortgage rates, for the first time in nearly ten years. This shouldn’t be cause for any alarm, because slightly higher rates are a sign of a healthy economy. Increases to rates mean less competition among buyers and less ability to for borrowers to extract equity by refinancing or trade up without significantly increasing their monthly payment.
While real estate may currently feel like an uncertain venture in many places around the country, experts predict that the market in the sunshine state will continue to grow well into 2020, with some areas even projected to continue increasing over the next five years. With positive projection for future demand, a stable economy, very low taxes, and 365 days of beaches and sunshine, Florida appears to be a good place to invest in real estate this year and for years to come.