Sunny beaches, warm weather, blue ocean waters – Florida is a virtual paradise on earth. Combine the natural beauty of the Caribbean with the facilities, quality of life and infrastructure of USA, and you get Florida. For decades, Florida has symbolized the post-retirement American dream: a nice oceanside condo, Sunday brunches by the pool, and weekend trips to the beach.
It was because of this very dream that Florida became one of the hottest property markets in the world in the early half of the last decade. Thousands of retirees, business owners, and celebrities bought acres of land and property all across Florida, leading to a housing bubble of sorts. All this came crashing down with the recession of 2008.
Yet, today, the Florida real estate market is burgeoning. Shaking off the tremors of the 2008 recession, property prices in Florida are nearly back to pre-2008 days. As property prices hit bottom following the recession, a lot of value investors bought up property for cheap all across the state. Now, as US looks to be coming out of the recession, demand is back up with very little supply.
In 2013, Florida is again one of the top property markets in the world – from the point of view of investment as well as living. Here are some reasons you should invest in property in Florida:
- Low Mortgage Rates
Mortgage rates are the lowest they have ever been in the US since the 1960s. This is tremendous opportunity for investors to lock into low mortgage rates that could yield rich dividends several years later.
- Tourism is Booming Again
Tourism is an excellent indicator of an economy’s health. Following the 2008 Recession, tourism suffered greatly in Florida. In 2009, for instance, there were 71.2 million domestic, and 9.6 million overseas tourist arrivals in Florida. In 2011, however, this number was up to 74.7 million domestic, and 12.6 million international tourists to the state – an increase of nearly 6.4 million tourists over two years. In fact, 2011 witnessed the largest influx of tourists ever to the Florida. With Florida once again regaining its crown as one of the top tourism destinations in the world, property prices are sure to pick up again .
- The Housing Market is Picking Up Speed
According to the US Census Bureau, an estimatd 327,000 new homes were sold in the US in November 2011. This is up to 377,000 homes in November 2012 – an increase of 15.3 percent on a YoY basis. Clearly, home sales have picked up speed again after more than two years of recession. This is a great sign for the property market in Florida.
- High Inventory Levels
Back before the 2008 Recession, you would have been hard pressed to find a quality property for sale in Florida. Following the bust, as many foreclosed and others suffered great losses, the market was flooded with inventory. Florida today is a buyer’s market with a lot of unsold inventory that can be had for cheap.
So what are you waiting for? Now is the perfect time to buy and sell property in Florida!