Residential real estate demand may increase with population rise

Residential real estate demand may increase with population rise

Florida continues to be a magnet, drawing people from all over the United States. This is a sign that the state is recovering well from a lengthy period of slow growth and economic sluggishness. It's also a sign that the state's residential real estate market will likely continue to grow and strengthen in the years ahead.

The number of people born in Florida increased by a whopping 140,000 from the year 2010 through 2013, research shows. In addition, Florida gained more than 100,000 residents in both 2013 and 2012 -- an 84 percent increase from the previous couple of years. Right now, it appears that Florida's population is growing by about 700 new people each day.

This, researchers say, is a robust increase -- a huge change from the later 2000s, when the Great Recession struck. The state has become an attractive destination for investors and entrepreneurs, especially young professionals. It's also become a huge consumer market. Many older individuals are also finally able to purchase second homes in Florida or sell their Northern homes and move to Florida so as to avoid bad winters. Miami is particularly a hot spot in the state.

Now that the residential real estate market is on the rise, many people are finding that now is a beneficial time to sell their Florida homes for a profit. It's also a wise time to purchase a house before home prices continue to climb in response to today's increased demand for homes. An applied knowledge of the law can help people to successfully navigate the real estate transaction process in the Sunshine State.

Source: sun-sentinel.com, "Florida population surging again", William E. Gibson, Oct. 20, 2014