4 Reasons Why 2018 Will Be A Record Year For Florida Real Estate

4 Reasons Why 2018 Will Be A Record Year For Florida Real Estate

Manatee and Sarasota counties have been growing fast, and buyers have taken notice.  The lifestyle and range in housing options really make this a great place to live and work. With the recent changes to the federal income tax program, all time stock market, and increase in buyers overall I suspect that home values will rise in 2018.  If you have been considering a purchase of Florida real estate your timing may be perfect before home prices increase.  Especially in the 350-1,000,000 dollar price range.  I predict that the average and median home price will dramatically increase in 2018 as more high tax payers make the move to Florida.  The average home price in this area have increased by over 20% this past year.    I have a link to a complete detailed market statistics

We have seen a major increase in buyers looking to get a jump on a second home and an increase in relocations for work, and retirement. In fact, everyone that contacts me from states with higher taxes mentions how the favorable taxes encouraged their decision to buy in Florida.  

My suggestion for buyers is to most likely expect prices to increase for residential properties that appeal to retirees and the second home market.  We had an overall increase in the average by over 8% last year.  This year we could easily double that gain.

I suspect that 2018 will be busy: 4 Key Factors 

  1. NEW TAX PLAN: Changes to the federal income tax will make a Florida address more appealing for individuals and families that pay high property taxes, and /or have a large mortgage(over 750,000).  Home ownership for the areas of the country with high home values, and high property taxes will encourage many to consider a relocation.  I suspect this to mostly with families that are downsizing and/or a reduction in living expenses as a goal.  This could have a downward pressure for pricing in those areas if demand doesn't keep up.  Here it will have an impact as families that can move easily will find additional incentive to make Florida their home

  2. STOCK MARKET HIGH:  Anyone invested in the stock market has to be consider if the market is due for a correction, and perhaps now is the time to cash out.  Stumbles in the stock market can have an increase in buyers looking to invest in real estate.  The increase in value also makes a second home or retirement that much more in reach.  Both of these factors will increase the amount of buyers.

  3. INCREASE IN NEW BUYERS: The recent real estate bubble has caused there to be delay for many people relocating to Florida while waiting for their equity to grow.   Buyers who need to sell in order to move will most likely want to sell soon; as the effect to expensive homes with high property taxes will be negative.  I suspect that this group of retired, and soon to be retired will increase buyers in the market, and will keep prices up.  

  4. PLENTY OF INVENTORY: Inventory has grown in the past 2 years the inventory of active inventory has increased over 10%, and prices have stabilized.  Prices overall increased over 8% in Manatee county.  The 500,000.00 -1,000,000.00 has been the most effected as buyers in this price range have had plenty of inventory of resale and new construction to consider  I suspect that there will be an increase in buyers that are looking in the 450,000-850,000 range.  With many willing to stretch up for the right deal.  There is going to plenty of homes for a home buyer looking at this price range, and I suspect an increase in sales activity and prices to rise. New construction prices have continued to rise as the builders respond to increased demand, and rising costs of building supplies and labor.   

If you have been considering buying or selling in Manatee and Sarasota county I encourage you to give us a call and see if we can be your Realtor.  Our team is ready to go to work for your family! Give us a call or text today. Joe Murphy  941-780-3260

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Phone: 941-780-3260
Dated: December 27th 2017
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