Buying Real Estate in Florida is one of the biggest financial opportunity people may get in their lifetime, and it really paid off. Most of cities have been flourishing very fast over the past decade, with the majority passing peak home value hit during the housing bubble. It’s really tough to time the real estate market, but if you’re a longtime investor in one of these cities, you could potentially see an interesting return on your investment. Selling a home in Florida to walk away with an excellent price is the goal of every investor.
For those who have done Real Estate Investment in Florida, it’s interesting to know that South Florida home seller in 2016 made 37 percent return which is quite above the national average. Real estate website Zillow said the national average sales gain last year was 24 percent. But Oakland, Calif., sellers did the best of anyone, walking away with an average of 78 percent more than they paid, according to Zillow.
After Hurricane Irma, for the real estate industry and those who are looking for buying Real Estate in Florida, the question is how the market will react. According to the August home sales report released by the Miami Association of Realtors on Wednesday, the number of mid-market single-family home sales ($300,000-$600,000) increased 9.5 percent over the same period last year, from 462 to 506 sales. Mid-market condo sales ($200,000-$600,000) went up 9.8 percent, from 509 to 559.
According to Realty Services Florida, Hurricane Irma’s destruction could have been much worse but shouldn’t impact housing prices in Florida. Building codes were updated after Category 5 Hurricane Andrew devastated Florida in 1992, allowing Florida structures to hold up much better against Irma’s Category 4 force.
If you are thinking over Real Estate Investment in Florida you should keep it your mind that hurricane is just a way of life in Florida. It doesn’t happen that often, and the reality is that Florida’s extremely well prepared for this. Eventually people prefer to be in Florida. Though much of the state is without power in the aftermath of Irma and many single family houses were damaged but nothing catastrophic about the impact.
Florida went through three hurricanes in one year, and those storms were almost similar to Irma, disruptive but not destructive. The storm interrupted everyone’s professional life for a couple of weeks. But this is going to motivate many high-end sellers to further evaluate their pricing. Realty Services Florida study shows that investors still look at Miami as an investment destination.
There’s nothing can be done about whatever short-term impact Irma may have left. But long-term is where we see a chance to do something. Every part of the world has natural issues to deal with.
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