Ranked as the 4th most populated state in America, Florida is home to more than 20 million residents and 11 of the nation’s 100 most rapidly flourishing counties. An increasing number of people are moving to Florida not only because of its aesthetic and luxury appeal, but also due to the strong job growth coupled with attractive real estate – not to mention the increasing percentage of tourists visiting the city and strengthening its economy.
Plus, the boom of construction, tourism, healthcare research, international trade, life and biomedical sciences, and other recreational industries has led to a rapid economic growth within the Sunshine State and made it one of the best states to do business in.
So why is now the best time to buy property in Florida? First and foremost, the Floridian economy is currently one of the best-performing in all of America with the job market as its biggest driver. The state boasts a colossal economy that revolves around the service sector, specifically tourism and trade.
As per state officials, Florida is actually the 3rd fastest yearly private sector growth in the country. Constant growth is witnessed in sectors like education, science, and construction. In the meantime, Florida’s unemployment rate is 4.1%, which is 0.3% lower as compared to the national average, as per the Bureau of Labor Statistics.
In short, Florida’s flourishing economy is one of the reasons that make real estate investments so attractive.
Another reason why today is the best time to buy real estate in Florida is due to the fact that the demand for real estate properties is quickly outstripping supply. The increase in population growth, combined with a bolstering labor market growth has resulted in home values to increase, and they are only speculated to increase further.
As properties become scant in supply and home prices start to rise in the future, it is best to invest today so you can later sell your property at a premium rate in a seller’s market. The quicker you invest, the more you will be able to save and the more you will be able to make should you decide to sell off your property later.
Last but not least, buying a real estate in Florida now is the best time owing to the rapid trend towards rentals and vacation. College students, millennials, and tourists are now switching to short-term rentals as opposed to paying for expensive accommodation in hotels. If you purchase a real estate in Florida, you can put it up for rent and earn quick cash and at the same time have another asset at your disposal. Plus, you will be able to visit your second home anytime you want and not worry about having to deal with all that exhausting process involving the arrangement of accommodation.