The confidence in the real estate market remains high in Florida. A recent survey showed that professionals involved in the residential real estate industry are extremely optimistic about the market and have not been this optimistic since 2006. People in the field expect rents and occupancy rates to stay steady through the rest of 2015.
Back in August, a total of 24,000 residences were sold in Florida, an increase of 9 percent from the previous year. The time that homes spend on the market has decreased, and inventory remains low. In addition, houses that are at both the market's high end and low end are being sold quickly.
Part of the reason that confidence is high among real estate professionals in Florida is that the economy in the state is rebounding. The number of jobs is growing, with the state adding 15,000 jobs in the private sector in August. This put Florida third among all of the states in the country for employment growth. Growth has especially taken place in the health care, education, construction and hospitality sectors. As people are finding work and thus becoming less worried about being economically secure, they are more comfortable with buying homes.
Even though Florida was hit particularly hard by the recession several years ago, it is currently making a strong recovery. Thus, now is an ideal time for people to try to sell their homes or to look for homes to purchase. Proper legal guidance may help both sellers and buyers to achieve their goals in the Sunshine State's residential real estate market.
Source: forwardflorida.com, "Florida Real Estate on the Upswing", Judy Green, Nov. 2, 2015