Housing Crash South Florida 2022
Do we think the price of homes will continue to rise in South Florida for at least the next 5 years? If so why?
@james
@James R McDowell yes, prices will continue to rise over the next 5-7 yrs. people have been moving to FL by the thousands as our state is one of the most liberal in the country. Not to mention, all the taxation that our state offers. Buyer demand pushed Nov. 2020 prices 9.1% higher year-to-year – the biggest increase since May 2014. This data was collected during the period of time when our state was modestly open but now that we are fully open sales will be higher as the first quarter is increasing daily.
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Home Inspector
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@Duriel Taylor I totally agree with what your saying. A lot of people are moving down here and prices are going up. So you think after the 5-7 year mark we could experience a correction?
@James R McDowell thank you for the feedback. Historically, the RE industry has a 10-12yr correction period and last one was 2008-2009. Post covid, the market may have postponed that correction and the government has attempted to do so as well with lowering interest rates. Only time will tell however I will say with the interest rates being so low buyers can now qualify for more sizable loans than yrs past.
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Home Inspector
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@Duriel Taylor yeah that’s true. Time will tell for sure. As long as the rates are low we should be good lol.
@James R McDowell
Florida has been center of attractive real estate markets every time due to the kind of creative private deals that emerge from here. The only way these markets experience correction is when govt thinks there is a need for regulations other than that I don't see a reason why anyone would want to get corrections done.