Florida real estate trends 2019 to 2020
Investing in real estate represents one of the best investments one can make. However, in order for the investment to pay off so that you could move to Miami for example, it’s necessary to make it at the right moment. Invest just a bit and the return on investment may be minimal. Invest too much and perhaps you’re not going to be able to get that money back. Therefore, it is important to know as much as you can about the real estate trends before you make any commitments. In the case that you are looking to make an investment of such kind in the State of Florida, you should make sure to find out as much as you can about Florida real estate trends 2019 to 2020.
Today, we are going to share with you some of the most interesting facts on the subject. Therefore, stay with us and invest safely.
Florida real estate trends 2019 to 2020 – what to expect
Real estate is a market that can tell you a lot about the local economy. It is the industry and is one of the most important drivers and paradigms of the state of the local economy. In those places where the real estate industry is booming, many other industries are going to be thriving as well. For example, moving companies Boca Raton would not be that numerous had it not been for a healthy economy. Real estate is what played one of the key roles in enhancing the performance of local businesses.
Still, if you have not invested in the real estate industry by now, how certain are you that now is the moment to enter the business? We cannot give you an answer to this question. After all, it is the decision that the one with the money in his pocket has to make. On the other hand, we can share with you some of the Florida real estate trends 2019 to 2020:
- It is going to be the buyers market in 2019 and 2020
- It is the perfect time to buy a house
- Beach house prices to remain at this level, more or less
- Rising prices in the suburbs near downtown Miami
Let’s take a more detailed view.
Florida real estate trends 2019 to 2020 point towards a buyers market
The price of real estate in Miami and the whole of Florida has been on a steady increase since 2012. Obviously, a few years before 2012 have been pretty difficult with the recession striking. Since 2012, we have seen constant growth at pretty much the same level throughout the years. What we have noticed is that the strengthening of the dollar against other Latin American currencies represented a point at which the growth was slowed down.
The reason behind this is the fact that there are many people living in Europe Latin America who were, and still are, looking to purchase homes in Florida. However, a strong dollar is not something that favors them. When the dollar strengthens, the exchange rates go down. So, in the case that you have your savings in Euro or some other, Latin American, currencies, you will experience the depreciation of the value of money after exchanging it to dollars. The amount of dollars that you are going to receive is going to be lesser. Therefore, your ability to buy a home in Florida lessens as well. So, those who already had their savings in the dollar were in a perfect position to buy. Others, not so much.
Nowadays, the signs point toward the buyer’s market in 2019 and 2020. The prices started decreasing in the past year and the trend is expected to continue. Therefore, if you can, make the purchase now!
This is the perfect time to buy a house
Buying a new condo in downtown Miami not going to come cheap at any point in time. Still, that does not mean that you should not think about buying a house instead.
There are not too many single-family homes being built in downtown Miami. Therefore, in the case that you might be looking into the Florida real estate trends 2019 to 2020 looking forward to moving to Mimi Gardens, and thinking about buying a single-family home, this might be one of the best moments to do so.
At the moment, the prices of single-family homes remain steady with no signs of rising or falling. The reason behind this trend is the low-interest rates at the banks. After all, usually, the single-family home buyers are local people. Therefore, the risks of loans are lesser as well.
Beach house prices to remain at the current level
The next thing that we are going to talk about is buying a house in Miami Beach.
In Miami Beach, the prices have fallen as well. At least the prices of condos that is. In fact, the trend, in general, is very interesting to look at. Comparing to previous years, the number of transactions has flattened down. On the other hand, prices per square feet have been on the rise. In general, you should expect the prices to remain at the same level with a slight potential of decreasing.
Rising prices in the suburbs in downtown Miami
The last thing that we are going to look at today is are the prices in downtown Miami.
Real estate prices in suburbs close to downtown Miami have been mostly on the rise since 2015. There was a small dip in 2018. However, since then the demand has picked up. Therefore, it is to be expected that the prices are going to rise once again.
Florida real estate trends 2019 to 2020 are not that difficult to predict. All that you needed to do to get them is to compare the data from the previous ten years and draw the conclusions. We have done to in your stead. Hopefully, this article of ours is going to help you make the right decision about investing in real estate in Florida.