What does 2020 hold for Florida’s real estate industry? Gitta takes a look at the state of the real estate industry as we head into the new year!
High Expectations for 2020 to Be Another Great Year in Residential Real Estate
As we welcome 2020 with high hopes, we look forward to what the year will bring for residential real estate. As I am writing this, we have killed the Iranian General, and are receiving threats far and wide. With that being said, barring a calamity, all indications point towards a great start to the decade for the real estate industry in Florida.
Booming Real Estate Industry in Florida
The real estate industry is booming all around Florida, especially here in Lake Mary. Take a drive around Florida and it won’t take you long to find a residential construction site or development going up. Money is pouring in due to no state tax income. Florida is a highly-sought after destination for relocation. Florida offers warm weather, inviting beaches and endless activities and amenities to residents of all ages.
Real Estate Outlook for 2020
Despite the fact that home prices are on the rise in other parts of the country, Florida is still considered cheap in comparison to other areas.
When we look at Florida’s residential inventory, I notice that resale homes are short supply. This is true especially in the lower price range (under $400,000). Buyers must move up to a higher price range and absorb inventory at the upper end.
As the year progresses, we will continue to monitor the state of Florida’s real estate market closely. As always, we will keep you up-to-date on the latest changes and trends.
In the meantime, stay healthy, stay strong, and enjoy the beauty this state offers! The year 2020 will be another great year in every aspect. I am always here to help you with your real estate needs in any way that I can. I am just an email or a phone call away to answer any and all questions! Happy New Year to you and yours, Gitta.