COVID has had a negative impact on many industries and sectors, but the Florida Real Estate Market has defied the odds and has stood strong and in fact, experiencing a boom one year into the pandemic. Specifically, South Florida has seen a huge influx of new housing buyers. It is truly a seller’s market with owners getting top dollar for their properties.
What are some of the notable factors influencing demand?
Florida’s warm and pleasant weather has always been a draw to the sunshine state. A year into the pandemic, people are flocking to the state in even greater numbers. They are leaving colder parts of the country where they are tired of the snow and frigid temperatures, even more so during these already difficult times.
The past year has also put a great financial strain on many, specifically in states where state and local taxes are exorbitantly high. With the absence of state income tax, Florida has become even more attractive to individuals and families struggling from the economic downturn caused by the pandemic.
The job market in Florida is also looking up in 2021, making it a popular destination for those who have lost their jobs due to COVID. With several vaccines hitting the market, restrictions lifted, and improved labor market conditions, Floridians can look forward to a slow but steady year of rebuilding.
Another phenomenon created by the pandemic is a huge increase in “working from home” and virtual everything. As a result, buyers are looking for more “at-home work space” and other home bound activities. They are cashing out on their expensive, smaller homes, and moving to Florida for greater square footage at a lower cost.
It is uncertain for how long this boom will last, but the Florida housing market is on the upswing with no signs of slowing down just yet.
The Law Office of Donna Hearne-Gousse P.A., located in Royal Palm Beach, FL, focuses its practice in real estate law and provides complete title and escrow services. Our firm can help you navigate through any real estate transaction. especially during these volatile times.
The Law Office of Donna Hearne-Gousse