Over the last ten years, the Florida real estate market has regained momentum, and continuously attracts international investors. After all, property is an excellent source of income, and the rewards can yield tremendous financial gains. So what are the benefits of investing in property in the sunshine state?
During the 2008 financial crisis, Florida’s housing market crashed, and property prices dipped well below the national average. This provided a great opportunity for investors to purchase sprawling condos and homes at a fraction of the listing price.
But over the last decade, prices have stabilized and remained relatively affordable, meaning the average American can still afford the mortgage on a vacation home. While it’s still extremely expensive to live in South Beach, Miami, there are other communities in the state that are decently priced. For example, in Tampa, you can find a condo for under $350,000 in a luxurious community that’s close to both the beach and the airport.
Range of options
There’s a home suited for everyone in Florida, whether you’re looking for a condo, villa, semi-detached, or detached property. It’s definitely a buyer’s market because there are a lot of places on the market; supply is plentiful.
How will your investment fare in the future? Most homes in the Floridian peninsula typically appreciate by 2-4 percent per year. So investors can yield a sizeable return after a lengthy period of time.
Many real estate experts predict that Florida will to continue to grow and flourish over the next decade. The state is a beacon for snowbirds and sightseers from around the country, and there will always be a market for vacationers.
In addition to state growth, mortgage rates are relatively low and hover between the 3-5 percent region, depending on the term you select. In some cases, you don’t even need a 20 percent down payment.
It’s also important to note that mortgage rates fluctuate, so it’s better to lock down a lower rate and strike while the irons hot. Some experts are saying the market hasn’t looked like this since the late 1960s.
If you’re thinking about buying property in Florida, the time is now! Enter the property market and enjoy the tropical sunshine during the cold winter months and make money in the long run.