Imagine a region receiving more than 800 new residents PER DAY! This is what has already been happening with the state of Florida, which received more than 1,000 new residents in the most critical period of the pandemic. This movement will remain! According to official state estimates, Florida will welcome 849 new residents daily over the next 4 years.
Just for comparison, it would be like adding a city the size of Orlando every year!
Now that you know this data, ask yourself the following question: Will the Florida residential real estate market be able to meet this demand?
The answer is: Probably not!
It hasn’t been able already and this is the main cause of the appreciation of more than 20% in the average price of real estate in Florida in 2021! And for the next few years, there is no data to support the delivery of new homes in sufficient volume to meet the significant projected demand.
As I’ve reported several times on this blog, the Florida home market is at an all-time low. Developers, despite racing against time, face several obstacles such as lack of labor and material. Even if the production chain normalizes, new projects take at least 3 years to be delivered.
So what will happen to Florida property prices? What is already happening! Will keep going up ..and a lot!
Therefore, if you are thinking about buying real estate in Florida, whether for investment, housing or second home, know that they are more expensive with each passing day.
In addition to making it harder to buy in the future, you could already take advantage of the appreciation now!
Also remember that US interest rates are at the lowest historical level since 1970. It turns out that interest rates will not remain low for long. They were reduced during the pandemic period to stimulate the American economy. This critical period is over and the US now needs to control inflation. For that, the interest will go up!
Don’t waste any more time and make a solid dollar investment today.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about the real estate market opportunities in Orlando and Miami, contact me right now: +1 (305) 318 6968 (Heloisa Arazi).