Buying VS Renting. Which is Better?
Florida is currently experiencing one of the country’s highest home prices since the beginning of the CO-VID19 pandemic. Prices within the Tampa Bay area skyrocketed to over 32%, with Jacksonville at 31%, and Orlando being 30%. This sudden increase and demand for homes within these metropolitan areas is in response to the policies implemented by Florida throughout the pandemic, such as allowing more people to work at home – those people now are in search of homes. Because employees no longer need to commute to offices to work, more families began buying in lower-prices markets. Due to the increased flexibility of working from home either through remote-work or part time, going into the office only a few times a week, more affordable areas are in high demand for working families.
Not only are homes in high demand, but many people are wanting to move to these metropolitan areas due to the abundant amount of jobs available – even as secondary or supplemental income. Many public and private businesses are urgently needing more employees to further support their businesses. Floridians feel like everyone is moving to Florida because this is unlikely realtors and builders have seen. The homes are going fast and buyers can’t seem to move quick enough – the demand is too high to manage. With such limited inventory and such a high demand, real estate in Florida is a hot commodity. This of course has resulted in bidding wars by buyers struggling to make their bids stand-out. This has also caused a decrease in rental inventory, as landlords are much more inclined to sell with such a high and booming market. Not only is it such a difficult time inventory wise, but builders are also having trouble keeping up with the demands, especially given the increase of material costs, lack of employees, and decrease in potential home sites.
Even with all of these hardships plaguing the real estate market, Florida’s tax incentives, increased work-from-home opportunities, and more housing keep the market booming. The prices of homes throughout the Bay Area are still reasonable, even given the lack of inventory and high demand, compared to other homes located in various areas throughout the nation.
Some people are even coming to Florida to get a fresh start after feeling some serious constraints given certain states’ COVID policies that were implemented, such as New York, Chicago, and Boston. It’s comforting to know that the prices are still considered reasonable given such a demand, however, if you are looking to move to the Florida area – call a realtor right away so that they can search available inventory as soon as possible. The current inventory will be gone soon! A realtor can not only assist you with your current home search in the available inventory, but can also help you obtain a parcel of land and a builder to get started on your dream home today. Don’t navigate this stressful process alone! A realtor can also help buyers obtain financing – so give us a call today if we can help! Hurry as more and more people flock to Florida every day!
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