For quite some time, Florida’s real estate market has been booming. In fact, during the pandemic many people have decided to take advantage of everything Florida has to offer. Many people from the Northeast, especially, have seized the opportunities. Initially, frigid temperatures were a driving factor for Northeast migrants. However, right now many people are realizing that South Florida is almost like a private paradise. Not only is the weather incomparable, but the area lacks state income tax, is home to a lot of culture and diversity, and has relaxed Covid-19 regulations.
This huge boom is not only true for individuals. big tech companies are also relocating to the area. In fact, many high-profile investors are making their moves within South Florida’s real estate market. This has caused the overall market to be hot, even during the pandemic. At the beginning, many feared that this sudden increase of interest was temporary. However, factors such as remote work has kept the market alive and well and shows no signs of stopping any time soon.
Homes have been selling at record prices even as the inventory rapidly dwindles and grows. In fact, buyers are willing to pay more than asking price just to secure their own piece of paradise. Demand is expected to continue rising, as more Wall Street firms and hedge fund companies migrate to the area.
For homeowners trying to cash out, this might be the perfect time to maximize profits. For buyers, working with a trusted real estate agent is key to find the best deal. In addition, acting fast when you find your dream home is crucial.