Florida enjoying rapid increase in residential real estate value

Florida enjoying rapid increase in residential real estate value

Despite the housing bubble that helped spark the so-called Great Recession, Florida's housing market seemed to recover better than most. After enjoying several years of near continual gains in residential real estate, things are still looking up for some homeowners. As the desire to live in certain areas of Florida increases, some homes are predicted to rise in value approximately 41 percent. 

Granted, this is a generous prediction that might be otherwise unprecedented, but there is good reason behind it. Southwestern Florida in particular is becoming a popular place for buyers who can -- and do -- shell out cash for the home that they want. Additionally, if a buyer has the ability to pay cash for a house, he or she likely will not have to deal with potential economic downfalls to which other people might be more prone.

Another area is predicted to experience a slower but still admirable growth at a rate of 25 percent spread out over the course of the following three years. While there are still some cash buyers in the area, there are far fewer than elsewhere. Once devastated by foreclosures, the area it is bounding back by leaps and bounds. For many Florida residents, this can certainly be a sign of a successful recovery.

However, just because the residential real estate market is on the rise does not mean that buyers and sellers should forego careful thought and consideration when it comes to the sales and purchase agreement. Additionally, escrow documents, the title to the house and other important documents should all be carefully reviewed before making any commitments. While the process of buying or selling a home can appear complicated from the outside, it can be a seamless process with the right guidance.

Source: naplesnews.com, "Sizzling Southwest Florida housing market is about to get hotter", June Fletcher, June 3, 2015