Recovery of residential real estate market in Florida is unique

Recovery of residential real estate market in Florida is unique

Although real estate took a major dip during the recent economic downturn, it is rebounding. This is particularly true in the state of Florida, and it is especially true now in the northern part of the state. Residential real estate sale prices, combined with the quality of sales, have gone up in most sectors.

The recent recovery appears to be the most atypical recovery reported over the past several decades. There has been strong appreciation in some areas, while other places are experiencing flat appreciation. During past recoveries, there appeared to be more consistency in this area, but this is not the case for the current real estate market.

However, some areas have witnessed a more stable recovery. In some places, move-up types of houses are especially drawing interest from homebuyers, even more than homes traditionally bought by first-time homebuyers. People today seem to be more willing to list their properties now that prices are strengthening.

The current residential real estate market in Florida has a strong prognosis for the rest of this year, with inventory levels remaining strong and interest rates staying low. In addition, overall price appreciation is relatively strong. As a result, both buyers and sellers can benefit from the market. However, a deal can quickly go south for a person if the individual doesn't ensure that his or her best interests are considered at all stages of the transaction. Understanding related laws may help people on both sides of a closing table in our state to achieve their individual goals while striving for a mutually beneficial outcome.

Source: nwfdailynews.com, "Improvements in real estate through the region", Dusty Ricketts, July 20, 2014